Significant rise in banking fraud cases reported in Nepal for fiscal year 2023-24

KATHMANDU: The latest data from the Kathmandu Metropolitan Police has revealed a significant increase in the number of banking fraud cases reported to the police in the last fiscal year.

According to the police, a total of 59,203 cases were registered across the country in the fiscal year 2023/24, out of which 13,262 cases were related to banking offenses. The Kathmandu Valley alone accounted for 7,662 cases of banking fraud.

Nepal Police Spokesperson DIG Dan Bahadur Karki stated, “The number of cases of banking crimes and frauds has drastically increased this year compared to the last fiscal year.”

The rise in banking fraud has been particularly notable in the Kathmandu Metropolitan area, which recorded the highest number of banking offenses. Among these cases, check bounce incidents have been prevalent, highlighting a critical issue within the banking sector.

The police are urging the public to exercise caution and report any suspicious banking activities to help curb the growing trend of financial crimes. As the authorities continue to investigate these cases, efforts are being intensified to strengthen the security measures within the banking system to protect consumers and financial institutions from fraudulent activities.