Preliminary investigation has shown that employees of some banks have
been involved in misappropriation of huge amount of Indian Currency
(IC) in collusion with traders who produced fake customs' documents.
"Our initial finding suggests that bank staff assisted the business firms that produced fake demand drafts and customs declaration forms to abuse IC," said a source at the Ministry of Finance (MoF).
Officials of the Department of Revenue Investigation (DRI) who are investigating into the cases of IC misappropriation worth Rs 1 billion by eight firms confirmed that almost all customs declaration forms submitted to NIC Bank branch at Birgunj appeared to be fake.
"While studying the documents we found almost all transactions of IC through NIC Bank were based on the fake customs declaration forms," Shanta Bahadur Shrestha, director general of DRI, told Republica on Saturday. Shrestha said investigation team from DRI found that those firms produced 599 fake customs declaration forms to different banks. "However, we are still to calculate the total amount of IC misappropriation from those customs declaration forms," said Shrestha.
He said documents submitted in other banks are also suspected to be fake because the same firms are involved in transactions with those banks as well.
An investigation team that was dispatched by Nepal Rastra Bank (NRB) on Wednesday has already sought clarifications from six commercial banks through which eight firms in Birgunj managed to draw huge amount of IC by producing fake customs documents.
The NRB team led by Deputy Director Chet Prasad Upreti began investigations into the cases in Birgunj-based branches of NIC Bank, Nepal Investment Bank, Nepal Bangladesh Bank, Laxmi Bank, Everest Bank and Siddhartha Bank. Public sector bank, Nepal Bank Ltd is also under the scanner of the investigation after transactions from the bank worth Rs 8 million was found suspicious.
Those firms withdrew Rs 630 million from NIC Bank, Rs 11.8 million from Everest Bank, Rs 32.3 million from Laxmi Bank, Rs 7.7 million from Nepal Bangladesh Bank, Rs 60.4 million from Siddhartha Bank and Rs 16.4 million from Nepal Investment Bank. Those firms are also found to have opened accounts with Sunrise Bank, Nabil Bank, Global Bank and Bank of Kathmandu.
An investigation carried out by DRI had found Maxwell Computer, Shyam Galla Bhandar, Jaya Mata Di International, Digital World and GS Traders of producing fake customs documents to withdraw huge amount of IC from different commercial banks. Five proprietors of those firms have been taken into custody.
In other cases of suspected IC misappropriation, DRI has sealed Nitesh Brothers, Jaibaba Amar Nath and Gangotri Gallaghar in Birgunj and put Dinesh Gupta, proprietor of those firms, behind the bars.
Source: Republica
"Our initial finding suggests that bank staff assisted the business firms that produced fake demand drafts and customs declaration forms to abuse IC," said a source at the Ministry of Finance (MoF).
Officials of the Department of Revenue Investigation (DRI) who are investigating into the cases of IC misappropriation worth Rs 1 billion by eight firms confirmed that almost all customs declaration forms submitted to NIC Bank branch at Birgunj appeared to be fake.
"While studying the documents we found almost all transactions of IC through NIC Bank were based on the fake customs declaration forms," Shanta Bahadur Shrestha, director general of DRI, told Republica on Saturday. Shrestha said investigation team from DRI found that those firms produced 599 fake customs declaration forms to different banks. "However, we are still to calculate the total amount of IC misappropriation from those customs declaration forms," said Shrestha.
He said documents submitted in other banks are also suspected to be fake because the same firms are involved in transactions with those banks as well.
An investigation team that was dispatched by Nepal Rastra Bank (NRB) on Wednesday has already sought clarifications from six commercial banks through which eight firms in Birgunj managed to draw huge amount of IC by producing fake customs documents.
The NRB team led by Deputy Director Chet Prasad Upreti began investigations into the cases in Birgunj-based branches of NIC Bank, Nepal Investment Bank, Nepal Bangladesh Bank, Laxmi Bank, Everest Bank and Siddhartha Bank. Public sector bank, Nepal Bank Ltd is also under the scanner of the investigation after transactions from the bank worth Rs 8 million was found suspicious.
Those firms withdrew Rs 630 million from NIC Bank, Rs 11.8 million from Everest Bank, Rs 32.3 million from Laxmi Bank, Rs 7.7 million from Nepal Bangladesh Bank, Rs 60.4 million from Siddhartha Bank and Rs 16.4 million from Nepal Investment Bank. Those firms are also found to have opened accounts with Sunrise Bank, Nabil Bank, Global Bank and Bank of Kathmandu.
An investigation carried out by DRI had found Maxwell Computer, Shyam Galla Bhandar, Jaya Mata Di International, Digital World and GS Traders of producing fake customs documents to withdraw huge amount of IC from different commercial banks. Five proprietors of those firms have been taken into custody.
In other cases of suspected IC misappropriation, DRI has sealed Nitesh Brothers, Jaibaba Amar Nath and Gangotri Gallaghar in Birgunj and put Dinesh Gupta, proprietor of those firms, behind the bars.
Source: Republica
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