Biratnagar, Aug 3: Police in Morang raided the Biratnagar residence of Prakash Mundada, a central executive member of the Confederation of Nepalese Industries and former president of the Morang Trade Association, on Monday morning.
The search was conducted after police received information alleging that illegal goods and cash from undisclosed sources were being kept at the residence.
A police team led by Morang Police Chief Superintendent of Police Kabit Katuwal carried out the raid. During the operation, police blocked roads leading to the District Administration Office and Golchha Chowk, restricting public movement in the area for several hours.
The Mundada family operates dozens of businesses under the Devanara Group. The group is a major investor in Nepal’s silver trading business, prompting speculation that the raid may have been linked to possible irregularities in silver transactions.
The business group has previously faced allegations of involvement in illegal hundi transactions, although such claims have never been substantiated.
SP Katuwal said the search did not uncover any illegal goods or materials.
“After no illegal items were found during the search, the police team returned,” he said.
Pawan Kumar Sarada, president of the Koshi chapter of the Confederation of Nepalese Industries, said the reason behind the raid remains unclear and that security officials have not provided any explanation.
People’s News Monitoring Service
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