Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepali Police submitted additional evidence of criminal violations against Prithvi Shah and his associates to prosecutors for allegedly stealing over $4 million in a large-scaled fraud scheme targeting US citizens and private enterprises.
In 2021 and throughout 2022, the Financial Crimes Enforcement Network under the US Department of Treasury advised Nepal’s Financial Intelligence Unit of the potential scheme which conned US citizens into unwittingly transferring money to bank accounts controlled by Prithvi Shah.
The Federal Bureau of Investigation (FBI) and the US Embassy helped gather additional evidence against Shah showing that he and his associates were engaging in organized crime. Central Investigation Bureau (CIB) of Nepal Police arrested Prithvi Shah and six associates in January 2023.
This is not the first time Nepal Police and US law enforcement cooperation has led to positive outcomes, which includes prosecuting and identifying cases of child sexual exploitation and information sharing on illegal drug smuggling.
In this case, CIB and the FBI will continue to jointly investigate this scheme and ensure victims will recoup their stolen funds from Nepal.
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