Police arrest Prithvi Shah, five others on money laundering charges

KATHMANDU: Nepal Police has arrested Prithvi Sah and five others on money laundering charges.

The Central Investigation Bureau (CIB) of Nepal Police made the arrests in Kathmandu. The special investigation unit of the police has already secured a six-day remand of the six for further investigation.

Studies conducted by the Nepal Rastra Bank (NRB) and the Department of Money Laundering Investigation found that Sah brought money illegally into the country through firms such as Maoung Kailash Energy Ltd, Times Today Peace Holiday Investment Pvt Ltd, World Export and Import Pvt Ltd, World First Holiday Pvt Ltd, World Travels and Investment Pvt Ltd, and Worldwide Remit Pvt Ltd.

The two state agencies launched an investigation against Shah after the Financial Crimes Enforcement Network under the US Department of Treasury asked the central bank to return the Rs 400 million that Shah illegally brought into Nepal. Following the request, the central bank has frozen Shah’s bank account.

While then finance minister Janardan Sharma had directed the central bank to release Shah’s money, the Governor, Maha Prasad Adhikari, had refused. An infuriated Sharma had even gone to the extent of suspending Governor Adhikari for not abiding by his instructions. But the Supreme Court later reinstated him.