Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: In a significant development, the Kathmandu Valley Crime Investigation Office has apprehended an individual for engaging in illegal cryptocurrency activities, a practice prohibited in Nepal. The arrested individual has been identified as 54-year-old Shani Bhandari, a resident of Chapakot Municipality-8 in Syangja district, currently residing in Tokha, Kathmandu.
The arrest took place on Thursday morning, with the Kathmandu Valley Crime Investigation Office team conducting the operation in Tokha.
According to Superintendent of Police Nakul Pokharel, who also serves as the spokesperson for the Crime Investigation Office, Shani Bhandari was found to be involved in dealing with cryptocurrency, contravening the legal framework governing such activities in Nepal.
Following his apprehension, Shani Bhandari has been transferred to the District Police Range Kathmandu for further investigation and necessary legal action.
The police remain tight-lipped about the specifics of Bhandari’s alleged involvement in cryptocurrency transactions, citing the ongoing nature of the investigation.
Cryptocurrency trading and dealing have been explicitly prohibited in Nepal, with regulatory authorities emphasizing the risks associated with such activities and the potential for misuse in illegal transactions.
The arrest of Shani Bhandari underscores law enforcement’s vigilance in enforcing existing regulations and cracking down on illicit cryptocurrency operations within the country.
As investigations continue, authorities are expected to shed more light on the circumstances surrounding Shani Bhandari’s involvement in cryptocurrency dealings and the extent of his activities.
This arrest serves as a stark reminder to individuals engaging in unauthorized cryptocurrency transactions of the legal consequences they may face under Nepalese law.
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