DMLI initiates investigation against Rabi Lamichhane, GB Rai

KATHMANDU: The Department of Money Laundering Investigation has initiated an investigation against Ravi Lamichhane, Member of the House of Representatives and President of the Rastriya Swatantra Party (RSP), and Gitendra Babu (GB) Rai, the promoter of Galaxy Media Network, and several savings and credit cooperatives.

The DMLI has written to different banks and financial institutions, asking them to provide details of the financial transactions of the two. The letters sent to banks and financial institutions have been undersigned by a preliminary investigation officer.

DMLI has sent letters to all 20 commercial banks in the country, requesting them to provide bank statements and know-your customer (KYC) documents of the two. Likewise, it has instructed the banks to submit all documents pledged by the two if they have taken any loans.

The Central Investigation Bureau (CIB) of Nepal Police, which is investigating complaints filed by cooperative victims, has listed Rai as ‘absconding’. A diffusion notice has been issued by Interpol for his arrest. He has been accused of misusing over Rs 1.35 billion deposited in different savings and credit cooperatives by over 19,000 people.

Lamichhane was the managing director and one of the promoters of Galaxy 4K TV started by Gorkha Media Network. He later resigned from the company, sold his stakes, and opened RSP.