Dept to file cases related to IC misappropriation through ATMs

KATHMANDU, SEP 21: 

The Department of Money Laundering Investigation has said that it will soon file cases against 20 persons involved in the misappropriation of Indian Currency (IC) through ATM facilities. 

The amount defrauded through ATM facilities is not very high, said director at the department Bishwa Prakash Subedi. “However, the department has decided to file cases against the fraudsters as a ‘shock therapy’ to control similar types of fraudulent activities in the future. 

The department has brought 20 persons involved in foreign currency misappropriation under its net after it found business people in the bordering districts involved in withdrawing Indian Currency through ATM facilities and selling it in the 

domestic market at a higher rate.

Banks are allowed to provide the facility of withdrawing up to IRs 25,000 a day through ATM facilities in India, according to him. “Some entrepreneurs in the bordering districts were involved in misusing the provision by selling Indian Currency in the black market during its scarcity.”

Such practice is illegal according to the Anti Money Laundering Act, Subedi informed, adding that all the accused will have to face action under the Act. 

Meanwhile, the number of cases filed at the department for investigation has increased to 90. 

The department will gradually settle all cases, said Subedi, adding that the investigation of cases related to money laundering will be easy once the government amends the existing Act. 

The government has formed a committee led by joint secretary at the Ministry of Law, Justice, Constituent Assembly and Parliamentary Affairs to recommend the government to amend the Money Laundering Act.