KATHMANDU, FEB 10 - Department of Revenue Investigation (DRI) on Tuesday froze the fixed assets of three persons implicated in the capital flight scam — proprietor of New Dahal Business Enterprise Padam Bahadur Raut, proprietor of New Tina Enterprise Lal  Bahadur Gurung and Narayan Poudel, Raut’s aide.

The DRI sent a letter to the Department of Land Reform and Management asking it to freeze their properties for alleged involvement in the multi-million dollar capital flight scam, said a DRI official.

DRI has already frozen their bank accounts through the central bank. DRI arrested Poudel last Thursday, while Raut and Gurung are still at large. Both Raut and Gurung have arrest warrants in their names. Investigations so far have confirmed that the two firms misappropriated foreign exchange worth US$ 58 million.

New Dahal Business Enterprise and New Tina Enterprise transferred US$ 33.1 million and US$ 25 million respectively to seven Hong Kong-based banks, according to investigators. The money transfers were made through Himalayan Bank Limited (HBL) and Nepal Investment Bank Limited (NIBL).

The official said New Tina Enterprise’s transaction with Bank of Kathmandu worth Rs. 260 million was being probed.

As per the documents obtained by investigators, several suppliers, including seven Hong Kong-based firms had supplied goods to the two firms. They are: Star HK Impex, Mobi Trade Link, Imperial Exim Limited, Mobile Galary, Pacific Overseas, Jaya Durga International Limited and LSL International Trade.

The DRI summoned HBL staff on Monday and Tuesday to ask about their transactions with the bank. Ashok Rana, chief executive officer of HBL said that DRI asked the bank staff about the process through which money was sent abroad under the credit import facility. “Since the amount is huge, there might be many people involved,” said Rana.

The investigating team is currently probing the transactions of four banks. The official said they would also probe transactions of other banks. Nepal Rastra Bank has told all the banks to submit their transaction documents under the credit import facility by Wednesday.

 

Posted on: 2010-02-10 10:40

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