Case filed at court

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KATHMANDU, Oct. 29: The Department of Revenue Investigation has in accordance with the Foreign Exchange Act 2019 B.S. registered a case at the Kathmandu district court against six different firms on the charge of deflection of foreign exchange.

Those charged are Shaluka Trade Concern, Bhaktapur whose proprietor Abire Tamang has Rs. 24.325 million in arrears at the Rastriya Banijya Bank, Baneswor Branch, Harsha Bahadur Thadamagar of Bro Overseas, Janakpur who has arrears of Rs. 35.566 million at the same bank branch and Govinda Thapa of Gopikrishna International Enterprises, Janakpur who has to repay Rs 33.488 million to Rastriya Banijya Bank, Bhotahity branch.The case was registered following investigations into the findings of a report of the LC probe commission-2052 B.S. which stated that various individuals and firms were involved in deflecting foreign exchange by opening letters of credit (LC) through various commercial banks in the country, which were actually meant for importing goods.

Likewise, Purna Bahadur Khadka of Walson Trade Concern, Bhaktapur has to repay Rs. 22.2,200 million to Nepal SBI Bank Ltd. Kathmandu, Krishna Prasad Dhakal of New Bara Enterprises, Kathmandu Rs. 35.738 million to the same bank and Ganesh Bahadur Basnet of Apsara Trade Concern, Kathmandu has to repay Rs. 36.88 million to Nepal Bangladesh Bank Ltd. Kathmandu.

The total amount of foreign exchange deflected by the above firms equals Rs. 187.47 million, says a statement issued by the department here today.

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