DRI suspects banks role in IC misappropriation
KATHMANDU:
Banks are likely to face action for their involvement in reckless releasing of foreign currency against fake customs declaration forms.
“Banks should collect customs declaration forms, bills and foreign currency exchange document filled by the concerned parties before they release foreign currency,” a source at the Department of Revenue Investigation (DRI) said, adding that its investigation revealed that the banks had released Indian Currency (IC) to the firms without following proper process and documents.
“But it is under the jurisdiction of the central bank to check whether banks are guilty or not,” director general at the department Shanta Bahadur Shrestha said, adding that the department has already asked the central bank to cooperate in the investigation.
The department has discovered that suspicious firms have been using NIC bank, Everest Bank, Nepal Investment Bank and Rastriya Banijya Bank, according to the the department that has suspected a huge IC misappropriation by Birgunj-based different firms.
It has estimated the misappropriation of IC worth Rs 260.33 million by Shyam Galla Store, Rs 163.33 million by GS Traders, Rs 212.16 million by Maxwell Computers and Rs 134.50 by Digital World.
Similarly, the department has also suspected Rs 60.20 million misuse by three firms; Nitesh Brothers, Jay Baba Amarnath and Gangotri Galla Store.
The department has been verifying suspected customs declaration forms with the documents at the Customs Office and bank accounts, according to Shrestha.
The department suspected that the misuse of foreign currency is not limited only to five firms that are under scanner, he said, adding that the department is investigating other firms too.
“It is not limited to Birgunj Customs Office only but most of the bordering cities,” Shrestha added.
Meanwhile, Department of Revenue Investigation (DRI) has started investigation into the fake customs declaration forms after police on August 29 nabbed five persons with fake customs declaration forms. The department has suspected two motives behind producing fake customs declaration forms, capital flight or illicit transaction of IC to get more benefits.’
New revelation
Department of Revenue Investigation has also discovered bank accounts of fake customs declaration form under names of unrelated person. “We discovered that banks accounts are opened under the name of general public, who do not have any connection to the fake customs declaration form and transaction,” DG Shanta Bahadur Shrestha said. The defaulters have opened banks accounts into ordinary people’s name that will pose complications to investigation process.
Firms under scanner
• Shyam Galla Store
• G.S. Traders
• Maxwell Computers
• Digital Worlds
• Jay Mata Di International
• Nitesh Brothers
• Jay Baba Amarnath
• Gangotri Galla Store
Source: THT
Banks are likely to face action for their involvement in reckless releasing of foreign currency against fake customs declaration forms.
“Banks should collect customs declaration forms, bills and foreign currency exchange document filled by the concerned parties before they release foreign currency,” a source at the Department of Revenue Investigation (DRI) said, adding that its investigation revealed that the banks had released Indian Currency (IC) to the firms without following proper process and documents.
“But it is under the jurisdiction of the central bank to check whether banks are guilty or not,” director general at the department Shanta Bahadur Shrestha said, adding that the department has already asked the central bank to cooperate in the investigation.
The department has discovered that suspicious firms have been using NIC bank, Everest Bank, Nepal Investment Bank and Rastriya Banijya Bank, according to the the department that has suspected a huge IC misappropriation by Birgunj-based different firms.
It has estimated the misappropriation of IC worth Rs 260.33 million by Shyam Galla Store, Rs 163.33 million by GS Traders, Rs 212.16 million by Maxwell Computers and Rs 134.50 by Digital World.
Similarly, the department has also suspected Rs 60.20 million misuse by three firms; Nitesh Brothers, Jay Baba Amarnath and Gangotri Galla Store.
The department has been verifying suspected customs declaration forms with the documents at the Customs Office and bank accounts, according to Shrestha.
The department suspected that the misuse of foreign currency is not limited only to five firms that are under scanner, he said, adding that the department is investigating other firms too.
“It is not limited to Birgunj Customs Office only but most of the bordering cities,” Shrestha added.
Meanwhile, Department of Revenue Investigation (DRI) has started investigation into the fake customs declaration forms after police on August 29 nabbed five persons with fake customs declaration forms. The department has suspected two motives behind producing fake customs declaration forms, capital flight or illicit transaction of IC to get more benefits.’
New revelation
Department of Revenue Investigation has also discovered bank accounts of fake customs declaration form under names of unrelated person. “We discovered that banks accounts are opened under the name of general public, who do not have any connection to the fake customs declaration form and transaction,” DG Shanta Bahadur Shrestha said. The defaulters have opened banks accounts into ordinary people’s name that will pose complications to investigation process.
Firms under scanner
• Shyam Galla Store
• G.S. Traders
• Maxwell Computers
• Digital Worlds
• Jay Mata Di International
• Nitesh Brothers
• Jay Baba Amarnath
• Gangotri Galla Store
Source: THT
