First Business News Portal in English from Nepal
KATHMANDU: The Department of Commerce, Supplies and Consumer Protection has appealed to the Central Bureau of Investigation (CBI) of Nepal Police to arrest those making illegal transactions through the pyramid style of financing.
Following the complaints on the networking businesses which are banned in Nepal, the department conducted a preliminary study on the issue and requested CBI to apprehend any person involved in the scam.
According to the department, it has submitted a letter listing the details of 25 companies and more than 50 people to CBI on Tuesday.
A group of experts from the department conducted a detailed study after receiving many complaints stating that some companies and individuals from Nepal and abroad are illegally engaging in the networking business and cheating people and also running away with the investments made by the innocent people.
According to Netra Prasad Subedi, director general of the department, some individuals and companies are being investigated on the basis of the complaints.
The department has sought the cooperation of the CBI to arrest the individuals and company officials involved in such practices and present them at the department.
The department has also sent a letter to the Registrar of Companies requesting it for the names of the directors of the 25 companies that have been accused of doing wrong.
Shivraj Sedhai, director of the foreign trade regulation branch of the department, said that most of the complaints were related to Indian companies.
“According to the complaints we had received, we conducted a preliminary study and investigation. When we found that such networking businesses were in operation in the country we provided the names of those persons involved and requested the CBB to arrest them,” he said.
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