By Our Reporter
Illegal online gambling and cryptocurrency-based trading in Nepal are still going on unabated despite the government’s claim that it was working to control illegal activities. A shocking fact as to how illegal gambling and transactions were thriving was revealed after the arrest of Damber Sah of Rajbiraj-10, Saptari on Tuesday.
The 26-year-old man was found to have transacted Rs. 1.49 billion through illegal means in two years.
The Kathmandu Crime Investigation Office arrested Sah for illegally transferring money to online gamblers.
He used to load money through various means for online gambling, fraud and cryptocurrency, a dematerialized currency.
The police investigation revealed that Sah alone had transferred Rs. 1.49 billion for online gambling and other illegal transactions in two years since 2021 through his company.
The police found that at least 34 people were cheated in the case.
It has also been revealed from the investigation that funds were being sent for illegal online gambling at various stages from Udgam Venture Capital, the company run by Sah.
Sah was found to be sending money in cash, cryptocurrency and bank transfers with interest for online gambling and fraud, said police.
The Office has also informed that Mithilesh Kumar Mandal, who was associated with Sah, used to buy and sell cash and cryptocurrencies.
Sah had opened four bank accounts in the name of Udgam Venture Capital and 11 in his name for illegal money transactions. Sah has transacted Rs. 916 million from those four accounts from July 2022 to the end of June 2023 and Rs. 583 million from his 11 accounts.
It was found that Sah had transacted Rs. 1.49 billion in two years from the company’s four accounts and his 11 accounts, police claimed.
Login to add a comment