DRI suspects illegal transfer of another Rs 200m
KATHMANDU, SEP 05 -
The Department of Revenue Investigation (DRI) has found that the five Indian traders it took into custody on suspicion of illegally transferring Indian currency (IC) worth Rs 460 million may have committed another fraud worth Rs 200 million.
They had transferred IC worth Rs 460 million to India on the pretext of importing goods by using fake customs clearance documents. The DRI is yet to confirm whether they used fake customs clearance documents for the second offence too.
"Given their background of using fake documents and non-identification of the firms they represent in Birgunj as registered, we suspect that they sent the additional amount to India on the basis of fake documents," said Shanta Bahadur Shrestha, director general of the DRI.
According to the DRI, they had transferred IC worth an additional Rs 130 million in the name of their firm Digital World and Rs 77.6 million in the name of Maxwell Computer to India through NIC Bank. The amount was paid during the period Feb 24 to Sept 2, 2011, according to the DRI. A sum of Rs 77.6 million was transferred between May 15 to Sept 2, 2011.
However, NIC Bank maintains that it issued a demand draft for Rs 40 million to one firm and another for Rs 80 million to another firm. "The DRI has not told us anything about its findings in the case," a bank official said.
The fraudsters have transferred IC through other banks too. The DRI said that their firm Maxwell Computer had transferred IC worth Rs 952,000 to India through Everest Bank. Everest Bank's deputy general manager Hum Nath Gurung said they were yet to receive a formal letter from the DRI regarding the case.
The DRI said that it suspects such transactions have been done through other banks too. "We have already asked the banks concerned to submit details of their transactions," said Shrestha.
According to the DRI, those arrested have not revealed how and why they sent IC to India. "They are saying that they only followed the orders of their big boss," said Shrestha. The five Indian nationals the DRI has taken into custody are Mukul Bhusan Misra, Sukesh Misra, Sandeep Kumar Shah, Arbinda Kumar Shah and Ramesh Kumar Shah.
Five firms including Digital World, Maxwell, Jayamata Impex, GS Traders and Shayamgala Bhandar have been registered in their names. The DRI has sought bail in the amount of Rs 460 million.
The DRI had arrested them four days ago in Birgunj with the help of Parsa Police and brought them to Kathmandu before sending them to judicial custody on Thursday. The DRI is planning to file a case against them in the court as per the Foreign Exchange Regulation Act.
The five Indian nationals were arrested with nine fake customs clearance documents out of which payment worth IRs 2.3 million had been made on the basis of two fake documents. The DRI has frozen the bank accounts of two of the five firms in whose names the drafts were issued.
The department suspects that the IC was sent to India to pay for the import of under-invoiced goods. It also thinks that the money has been transferred to smuggle goods besides selling IC notes on the black market.
DRI officials believe that the traders resorted to the new method to obtain IC from banks after Nepal Rastra Bank (NRB) lowered the limit on IC withdrawals from Indian ATMs using debit cards issued by Nepali banks and financial institutions (BFIs).
The central bank in March last year had lowered the withdrawal limit to IRs 10,000 per day and IRs 100,000 per month. Earlier, card holders could withdraw up to IRs 25,000 per day and IRs 200,000 per month.
Source: Kantipur
The Department of Revenue Investigation (DRI) has found that the five Indian traders it took into custody on suspicion of illegally transferring Indian currency (IC) worth Rs 460 million may have committed another fraud worth Rs 200 million.
They had transferred IC worth Rs 460 million to India on the pretext of importing goods by using fake customs clearance documents. The DRI is yet to confirm whether they used fake customs clearance documents for the second offence too.
"Given their background of using fake documents and non-identification of the firms they represent in Birgunj as registered, we suspect that they sent the additional amount to India on the basis of fake documents," said Shanta Bahadur Shrestha, director general of the DRI.
According to the DRI, they had transferred IC worth an additional Rs 130 million in the name of their firm Digital World and Rs 77.6 million in the name of Maxwell Computer to India through NIC Bank. The amount was paid during the period Feb 24 to Sept 2, 2011, according to the DRI. A sum of Rs 77.6 million was transferred between May 15 to Sept 2, 2011.
However, NIC Bank maintains that it issued a demand draft for Rs 40 million to one firm and another for Rs 80 million to another firm. "The DRI has not told us anything about its findings in the case," a bank official said.
The fraudsters have transferred IC through other banks too. The DRI said that their firm Maxwell Computer had transferred IC worth Rs 952,000 to India through Everest Bank. Everest Bank's deputy general manager Hum Nath Gurung said they were yet to receive a formal letter from the DRI regarding the case.
The DRI said that it suspects such transactions have been done through other banks too. "We have already asked the banks concerned to submit details of their transactions," said Shrestha.
According to the DRI, those arrested have not revealed how and why they sent IC to India. "They are saying that they only followed the orders of their big boss," said Shrestha. The five Indian nationals the DRI has taken into custody are Mukul Bhusan Misra, Sukesh Misra, Sandeep Kumar Shah, Arbinda Kumar Shah and Ramesh Kumar Shah.
Five firms including Digital World, Maxwell, Jayamata Impex, GS Traders and Shayamgala Bhandar have been registered in their names. The DRI has sought bail in the amount of Rs 460 million.
The DRI had arrested them four days ago in Birgunj with the help of Parsa Police and brought them to Kathmandu before sending them to judicial custody on Thursday. The DRI is planning to file a case against them in the court as per the Foreign Exchange Regulation Act.
The five Indian nationals were arrested with nine fake customs clearance documents out of which payment worth IRs 2.3 million had been made on the basis of two fake documents. The DRI has frozen the bank accounts of two of the five firms in whose names the drafts were issued.
The department suspects that the IC was sent to India to pay for the import of under-invoiced goods. It also thinks that the money has been transferred to smuggle goods besides selling IC notes on the black market.
DRI officials believe that the traders resorted to the new method to obtain IC from banks after Nepal Rastra Bank (NRB) lowered the limit on IC withdrawals from Indian ATMs using debit cards issued by Nepali banks and financial institutions (BFIs).
The central bank in March last year had lowered the withdrawal limit to IRs 10,000 per day and IRs 100,000 per month. Earlier, card holders could withdraw up to IRs 25,000 per day and IRs 200,000 per month.
Source: Kantipur
