DRI files case against ponzi scheme Unity
KATHMANDU:
Department of Revenue Investigation (DRI) today filed case against Unity Life International under Revenue Leakages (Investigation and Control) Act 1995.
The department has estimated Rs 858.63 million revenue leakages from Unity, according to director general of DRI Shanta Bahadur Shrestha.
Unity that had been running a ponzi scheme has cheated Rs 149.73 million on Value Added Tax (VAT), Rs 397.57 million on income tax and Rs 311.29 on income tax whose tax is yet to be calculated, the department has claimed in the writ petition that has been filed in the Appellate Court, Patan. The department has also claimed a total of Rs 2.57 billion fine from Unity Life International in the writ. The amount includes the actual revenue leakages and double amount as a fine, Shrestha informed. The department has pinpointed eight persons – Kashiram Gurung, Bishnu Bahadur Kshetri, Krishna Bahadur Kshetri, Mahendra KC, Netra Rajbanshee, Indra Bahadur BK, Bhim Bahadur Gurung and Bishwanth Gautam – as defended in the writ.
Of the accused, Kashiram Gurung, Bishnu Bahadur Kshetri, Krishna Bahadur Kshetri and Mahendra KC are still at large.
This is the first case the department is undertaking in terms of amount of revenue leakages, Shrestha said, adding that Anti-Money Laundering Department will separately investigate the case related to money laundering and take action against Unity.
Earlier, the Public Accounts Committee under Legislature-Parliament had on June 16 directed the government also to take action against the government officials involved in promoting pongy network business Unity Life International.
Government officials of Industry Ministry, Home Ministry, Ministry of Foreign Affairs and Finance Ministry should not get amnesty, the committee had said. The Public Accounts Committee also directed the government to liquidate all the assets belonging to the pyramid style network scheme Unity and reimburse the amount to the victims.
Unity Life International had a total of 368,710 members in and out of the country. It had collected the amount worth Rs 3.83 billion from its total members, according to the Department of Revenue Investigation.
Of the total, it had distributed Rs 1.63 billion as a commission to its agent. Unity had opened 37 sister organisations during its five years (2005-10) of operations.
The Supreme Court on July 23, 2010 had declared it illegal.
Source: THT
Department of Revenue Investigation (DRI) today filed case against Unity Life International under Revenue Leakages (Investigation and Control) Act 1995.
The department has estimated Rs 858.63 million revenue leakages from Unity, according to director general of DRI Shanta Bahadur Shrestha.
Unity that had been running a ponzi scheme has cheated Rs 149.73 million on Value Added Tax (VAT), Rs 397.57 million on income tax and Rs 311.29 on income tax whose tax is yet to be calculated, the department has claimed in the writ petition that has been filed in the Appellate Court, Patan. The department has also claimed a total of Rs 2.57 billion fine from Unity Life International in the writ. The amount includes the actual revenue leakages and double amount as a fine, Shrestha informed. The department has pinpointed eight persons – Kashiram Gurung, Bishnu Bahadur Kshetri, Krishna Bahadur Kshetri, Mahendra KC, Netra Rajbanshee, Indra Bahadur BK, Bhim Bahadur Gurung and Bishwanth Gautam – as defended in the writ.
Of the accused, Kashiram Gurung, Bishnu Bahadur Kshetri, Krishna Bahadur Kshetri and Mahendra KC are still at large.
This is the first case the department is undertaking in terms of amount of revenue leakages, Shrestha said, adding that Anti-Money Laundering Department will separately investigate the case related to money laundering and take action against Unity.
Earlier, the Public Accounts Committee under Legislature-Parliament had on June 16 directed the government also to take action against the government officials involved in promoting pongy network business Unity Life International.
Government officials of Industry Ministry, Home Ministry, Ministry of Foreign Affairs and Finance Ministry should not get amnesty, the committee had said. The Public Accounts Committee also directed the government to liquidate all the assets belonging to the pyramid style network scheme Unity and reimburse the amount to the victims.
Unity Life International had a total of 368,710 members in and out of the country. It had collected the amount worth Rs 3.83 billion from its total members, according to the Department of Revenue Investigation.
Of the total, it had distributed Rs 1.63 billion as a commission to its agent. Unity had opened 37 sister organisations during its five years (2005-10) of operations.
The Supreme Court on July 23, 2010 had declared it illegal.
Source: THT
