Nepal Police arrest 122 Chinese nationals suspected of cyber crime

Nepal Police today held some 122 Chinese nationals, who entered Nepal on tourist and student visas, on suspicion of their involvement in cyber and financial crime.
They were arrested from seven private residences – some 3 in Manamaiju and 2 each in Bansbari and Budhanilkantha – today. Police also confiscated a large number of laptops and mobile phones from their apartments, Central Investigation Bureau (CIB) under Nepal Police confirmed.
The operation was conducted by the CIB in coordination with Metropolitan Crime Division-Teku, Metropolitan Police Range-Teku, Metropolitan Police Office-Rani Pokhari and the Police Headquarters, the CIB said, adding that it is not known whether these Chinese nationals had valid visas to stay in Nepal or were overstaying.
The CIB is expecting to find out what exactly the Chinese nationals were doing in their rented apartments. “They were living secluded lives in rented apartments, which looked like offices,” the CIB said, adding that they also possessed special identity cards. “Anyone, who wanted to enter their apartments had to produce the IDs, which raised the eyebrows of police.”
The police said that they were arrested after monitoring their activities for few days using ‘urgent arrest warrants’, which allows police to detain suspects for up to 24 hours.
According to the CIB, most of the arrested Chinese nationals had visited Nepal on tourist visas but they were not engaged in touristic activities. “Some of them had also arrived in Nepal on student visas.”
Earlier, almost four months ago, police arrested some 6 Chinese nationals in connection with the the cyber heist in the banking sector, which saw illegal withdrawal of at least Rs 35.8 million from ATMs in Nepal and India.

Supreme Court orders Shrestha’s release on bail

The Supreme Court (SC) today ordered Nepal Police to release former chief executive officer (CEO) of Bank of Kathmandu (BoK) Ajaya Shrestha on bail of Rs 10 million.
The double bench of SC Justices Sapana Pradhan Malla and Kumar Regmi ordered the release of the banker scrapping the order of Patan High Court to keep him in the police custody. According to Supreme Court, Shrestha will be released after the bail amount will be deposited. Shrestha had registered a writ against the decision of Patan High Court at the Supreme Court.
Nepal Police – on September 22 – had arrested Shrestha and 10 others in a banking offence case worth millions. The Central Investigation Bureau (CIB) of Nepal Police had arrested five bankers of BoK and six others over BoK issuing loans based on fake collateral and forged documents produced by loan applicants.
Surendra Shrestha of Jhapa had – in 2015 – acquired loan worth Rs 500 million from Bank of Kathmandu. The bank started an investigation after Shrestha did not pay back the loan. During the investigation, the bank uncovered that the loan amount was issued on the basis of fake land registration document. It was also revealed that the loan was issued on the basis of fake documents of land situated close to a river in Jhapa.
The bank then went to CIB and registered the complaints, and 11 bankers including Ajaya Shrestha were arrested. Nepal Bankers’ Association (NBA) has criticized the arrest of Shrestha, who is regarded as one of the most humble bankers in the banking community.

Police arrest industrialist Dr Roop Jyoti

Police today evening arrested former state minister of finance and renowned industrialist Dr Roop Jyoti on charge of fraud, from Tribhuvan International Airport (TIA). Dr Jyoti represents one of Nepal’s top corporate houses Jyoti Group as vice president.
A team from the Central Investigation Bureau (CIB) under Nepal Police arrested Dr Jyoti and his daughter Suruchi Jyoti from TIA at around 8:30 pm, after his Silk Airways flight from Singapore landed. “A team of police from the Metropolitan Police Range Kathmandu detained him and his daughter from the TIA at around 8:30 shortly after he returned from Singapore,” confirmed SSP Uttam Raj Subedi of Metropolitan Police Range, Teku.
Dr Jyoti was held for his alleged involvement in the housing procurement scam in the capital, he said, adding that the police is launching probe into the scam.
Last December, the police had issued an arrest warrant against Dr Jyoti on complaints that he was involved in housing fraud worth millions. Following his arrest warrant, Dr Jyoti denied his involvement in any housing fraud and immediately filed a writ against the arrest warrant. And the court gave the stay order not to arrest him.
However, a double bench of Chief Justice Cholendra Sumsher Rana and Justice Prakash Dhungana vacated the stay order on Jyoti’s case on Tuesday paving the way for his arrest.
Bikendra Krishna Malla filed a case against Jyoti complaining that he had paid a total of Rs 27.6 million in different installments for a house at Basbari in Budhanilakantha to Landmark Developers Pvt Ltd but the company did not provide him the house.
Landmark Developers Pvt Ltd is a joint venture between Jyoti Group and CE Construction Pvt Ltd. When the developer failed to provide house as promised and Malla went to Dr Roop Jyoti as he was the one representing Jyoti Group in Landmark Developers. Malla and Dr Jyoti also agreed to resolve the dispute but Malla later backed away and insisted he be provided the house he was promised.
But Jyoti deposited the amount at the Court as Malla bargained either he will accept double the amount or the house. Malla went door-to-door from one minister to another and finally it was Home Minister Ram Bahadur Thapa Badal, who issued a letter to the Police Headquarters asking the state machinery to take action, according to the informed sources. “The arrest of Dr Roop Jyoti was not necessary as he was not going to run away or destroy any proofs against him,” Police insiders said, adding that Police could have investigated against him without arresting him. “It is the case of misuse of state power for the extortion,” said one entrepreneur, who claimed that he also went through the same condition. “But I had no courage to go behind the bar and I succumbed against state power and paid hefty sum not to be arrested.”
The Jyoti Group – that offers a diverse range of products and services, from core industries such as iron, steel and textile yarn to finance and travel related services – is comparatively one of the cleanest corporate houses in terms of ethical business practice. 

Police arrest former BoK chief executive Shrestha on charge of banking offence

Police arrested former chief executive officer of Bank of Kathmandu (BoK) Ajaya Shrestha and ten others on the charge of banking offence. The CIB has also arrested debtor Surendra Shrestha, confirmed CIB spokesperson Bel Bahadur Pandey.
Central Investigation Bureau (CIB) under Nepal Police arrested former chief executive officer Shrestha, bank staffers Kiran Bohara, Richa Shrestha, Sushma Shah, Pushparaj Bhandari, Bikram Panta and among others – from various places on different dates recently – for alleged banking offence.
The bank officials are accused of issuing a bank loan of worth Rs 45 million to the debtors based on the forged documents produced by debtors, he said, adding that the bank officials are accused of facilitating the illegal transaction to purchase land in Kathmandu. 
The aforementioned individuals were arrested, according to the Pandey.
Of the detainees, two are former staffers of the bank, while three are incumbent staffers, the CIB informed, adding that the preliminary investigation has revealed that the debtors created fake land registration certificates to avail the loan from Bank of Kathmandu. “Later on, the debtors produced it as collateral to acquire the loan.”
The bankers have but shown serious concern on Shrestha's arrest as Shrestha is known as a gentleman banker among his fraternity.

Chinese nationals hacked ATM systems and steal money

Nepal is increasingly becoming a soft target for hackers from around the world as some Chinese hackers steal the money from ATM hacking the system yesterday night, but the depositors money in the banks is safe.
After Chinese nationals hacked ATM systems in Kathmandu, most of the banks have closed down their ATM services throughout the day today though some of them resumed their services in the evening.
The ATMs of over six banks had turned temporarily dysfunctional the whole day after a gang of six Chinese nationals hacked the banks' collective ATM system by hacking the system of Nepal Electronic Payment System (NEPS) Limited – an interface that allows the transaction of money deposited in a bank by using cards issued by other member banks – according to the Nepal Bankers Association (NBA). “The NEPS has incorporated 11 commercial banks, including Prabhu Bank, Sunrise Bank, Machhapuchchhre Bank, Janata Bank, Siddhartha Bank, Citizens Bank, NIC Asia Bank, Prime Bank, Nepal Bangladesh Bank and Global IME Bank, apart from seven development banks.”
While depositors’ money was not affected by Saturday night’s attack, the exact amount of money looted has yet to be calculated. “The Police confiscated Rs 12.60 million and around $10,000 along with 132 forged VISA debit cards, 17 authentic VISA cards, six mobile phones, a laptop and a data card but the actual figure is yet to be known,” informed the chief of Kathmandu Police Uttam Raj Subedi.
However, records show that a total of Rs 34.5 million was withdrawn illegally in the past two days, including Rs 10.5 million Indian Currency (IC) from India, according to the Payment Systems Department at the central bank. “The hackers used debit cards at least 700 times to withdraw money from ATMs.”
The central bank, through the Monetary Policy 2015-16, had directed Nepali banks and financial institutions to switch to cards equipped with microchips, as they are safer than ones with magnetic strips. Most banks have upgraded their cards to microchips. But the ATMs recognise both the magnetic cards and cards with microchips due to transition of the technology. The hackers took advantage of the weakness, according to a banker.
Five Chinese nationals allegedly involved in the ATM card forgery were arrested from Durbarmarg, Subedi said, adding that the hackers stole millions from the bank accounts of subscribers by forging ATM cards in various ATM booths. Police believe that Zhu and his accomplices used both real and cloned bank cards in a coordinated ATM cash-out attack, where hackers breach a bank or payment processor’s systems and then use bank cards to withdraw millions in a short amount of time.
After arresting – on Saturday night – Zhu Lianang from a Nabil Bank ATM booth in Durbar Marg while trying to withdraw cash, acting on a tip-off, the Police interrogated him, who withdrew thousands in cash from the ATM using cloned debit cards. Upon interrogation, Zhu named four others – Lin Jianmeng, Luo Jialei, Zhu Liangang, Qiu-Yunqing and Chen Bin Bin, all Chinese citizens – as complicit in the hacking spree.”
The Police also seized dozens of ATM cards from the Chinese nationals.
“The Police will further launch an investigation against the accused in collaboration with banks and central bank,” Subedi said, adding that the Chinese nationals landed in Nepal on August 30 – according to their passports – and were planning to return on September 2, which shows that their sole intention was to steal cash.
Those arrested will be taken to court and kept in judicial custody. If convicted they could serve up to five years behind bars, including having to pay a cash penalty equal to the amount they robbed, according to the Police.
Following the incident, some banks urged their customers and staff not to use their debit cards on ATMs operated by other banks.
Meanwhile, the central bank has formed a committee to investigate the attack.
This is, however, not the first time that the foreigners got arrested in ATM forgery in Nepal. Earlier, two Bulgarian nationals were arrested after they were found to be involved in stealing money from ATMs Pokhara in March 2017. Likewise, in April 2017, four Moldovans were also arrested from Thamel on charge of hacking ATM cards and stealing money from bank clients’ accounts the same year. That same day, a Russian national was arrested while stealing money from a Nepal Investment Bank ATM in Durbar Marg. According to the Central Investigation Bureau (CIB) under Nepal Police, in the last seven years, police have altogether arrested 24 people, 18 of whom were foreigners. “Nepalis have mostly been found assisting foreign hackers.”
As hackers are always in search of countries with weak security systems all over the world, security systems should be upgraded periodically, according to the central bank.

Central bank mulls forced merger of microfinance institutions

The central bank is mulling to send microfinance institutions (MFIs) into forced merger to consolidate the number of class D financial institutions.
The wholesale borrowers lend the individuals without collateral for small enterprises. They can issue only up to 33 per cent of their investment portfolio by accepting collateral, according to the central bank. Likewise, the central bank has made the banks and financial institutions mandatory to lend 5 per cent of their total loan portfolio to the deprived sector but those which cannot lend directly due to lack of reach and capacity, lend the microfinance institutions to avoid the fine. Banks and financial institutions that fail to lend 5 per cent of their total loan portfolio to the deprived sector faces cash penalty, according to the central bank.
There are 91 microfinance companies currently operating in the country whereas some 18 are in line to receive licences. Though, he could not give any logic why the central bank wants to reduce the number of microfinance institutions, deputy governor of Nepal Rastra Bank (NRB) Chintamani Shiwakoti said that they have started to focus on the unification of microfinance companies. “The central bank has stopped issuing licences to the class D financial institutions – or popularly known as microfinance companies – in 2016 but only 11 companies have submitted letters of intent so far,” he said, adding that the central bank will issue a 30-day deadline to those that are in the process of receiving their permits. “There will be more than 100 microfinance institutions after all the companies that have received letters of intent start operation.”
He also attributed the size of market and sustainability of the microfinance companies for the forced merger. “As the market will be overcrowded with an excessive number of microfinance institutions soon, there will be unfair competition to survive, and reducing the number is the only remedy for the financial stability o,” Siwakoti added.
The central bank – to encourage mergers of microfinance companies – has also offered a number of incentives to potential partners through this year's monetary policy. The central bank has increased the maximum loan amount – like institutions can give from Rs 1 million to Rs 1.5 million – and the central bank will also extend the deadline for these institutions to maintain the minimum capital adequacy ratio (CAR).
Recently, the central bank has also capped microfinance lending at 20 per cent per annum including 2 per cent service charge. It has also ordered them to submit information about their borrowers to the Credit Information Bureau (CIB) to check possible multiple borrowing, which is one of the major challenges in the microfinance sector.

CIB books 148 for Apex scam

The Central Investigation Bureau (CIB) of Nepal Police has filed a case of banking fraud against 148 persons allegedly involved in Apex Development Bank scam.
The CIB – after investigating the alleged fake documents for two months – has submitted the report to the Office of Special Government Attorney in Lalitpur, today. The accused have been charged under the Banking Offence and Punishment Act.
On March 16, police had arrested 21 people, including staff, board of directors, borrowers, valuators and former chief executive officer Bishnu Prasad Dhital of the erstwhile Apex Development Bank for indulging in unethical loan releases.
According to the CIB officials, the alleged masterminds of the fraud – Govinda Upadhyaya and Basanta Malla – are hiding in the US. The CIB plans to request the Interpol to issue a diffusion notice against them, though it is not sure that the US will handover them as earlier also the US has refused to handover an alleged banking fraud.
The CIB arrested the bank staffs as they have been accused of releasing loans amounting to Rs 1.50 billion through fake loan documents, insufficient collateral and other illegal means from Durbar Marg, Lokanthali, Itahari, Surkhet and Nepalgunj branches. However, the Apex Development Bank and Nepal Credit and Commerce (NCC) Bank had merged a few months ago.
The accused are said to have been involved in fake transactions during post-merger integration between NCC Bank and Apex Development Bank.
According to CIB, out of the 128 bank scam files, some 33 are from Itahari, seven from Surkhet and 13 from Nepalgunj. The CIB went through 85 files before filing a case based on the findings of those files. According to the police, it will take time to complete the investigation of total amount that was siphoned from Itahari, Surkhet and Nepalgunj branches.

Nepse begins four-hour trading from today

Nepal Stock Exchange (Nepse) extended trading hours to four hours a day from today, up from regular three-hour trading till last week.
In the early days, almost two decades ago, the share market used to see trading for only two hours a day – from 11 am to 1 pm. Daily trading period was increased to three hours -- from 12 noon to 3 pm later on, which has been extended to four hours from today, according to Rabindra Pradhan, a stock broker.
Nepse decided to extend trading hours following complaints from investors and stock brokers that the three-hour trading time was not sufficient. Trading days, however, have been kept unchanged.
Of late, the stock market has been seeing daily turnover in excess of Rs 1 billion due to lucrative returns that the secondary market offers compared to other investment avenues.
Few months ago, daily transaction hovered over Rs 300 million.
Today – the first day of the four-hour trading period – a total of 2.2 million units of shares of 136 companies worth Rs 1.36 billion were traded in the market. The benchmark Nepse index gained 27.59 points to close the day’s trading at 1,745.74 points from today morning’s opening. The market capitalisation reached Rs 1,920.33 billion at the end of the day.
Meanwhile, the Securities Board of Nepal (Sebon) – the capital market regulator – has asked the Nepse management to initiate reform measures along with extension in trading hours. “The extension of trading hours is appreciable,” Sebon said in a statement issued on Friday. “Nepse should also facilitate to process of bringing clearing bank and start massive reforms for sustainable growth of the share market,” it added.
Sebon, on Friday, also formed a committee to look into big investments in the share market on suspicion of illicit flow of money. The committee led by executive director of Supervision and Research Department of Sebon has directors of Legal Enforcement Division and Securities Businessperson Supervision Division along with representatives from Department of Money Laundering Investigation (DMLI), Central Investigation Bureau (CIB) of Nepal Police and experts in the field as members, according to Sebon Director Niraj Giri.
The committee has been asked to submit its report within a month.
Sebon formed the committee after the Ministry of Finance raised suspicion over the ever increasing transaction amount despite poor macroeconomic fundamentals.
Nepse, however, has claimed that rise in transaction is also due to adoption of dematerialised forms of shares trading, which has made trading easier, apart from lucrative returns. High demand for stocks, low bank interest rates and lack of other attractive investment opportunity in the country coupled with handsome returns compared to other sectors is not only propelling the benchmark index to new highs almost every day but also witnessing transaction of over Rs 1 billion ever day. The bonus and rights shares announced by most of the listed companies – especially banks and financial institutions and insurance companies – to meet the new paid-up capital requirement is yet another key attraction pulling the investors to the market, according to share market analysts.

Nepse begins four-hour trading from today

Nepal Stock Exchange (Nepse) extended trading hours to four hours a day from today, up from regular three-hour trading till last week.
In the early days, almost two decades ago, the share market used to see trading for only two hours a day – from 11 am to 1 pm. Daily trading period was increased to three hours -- from 12 noon to 3 pm later on, which has been extended to four hours from today, according to Rabindra Pradhan, a stock broker.
Nepse decided to extend trading hours following complaints from investors and stock brokers that the three-hour trading time was not sufficient. Trading days, however, have been kept unchanged.
Of late, the stock market has been seeing daily turnover in excess of Rs 1 billion due to lucrative returns that the secondary market offers compared to other investment avenues.
Few months ago, daily transaction hovered over Rs 300 million.
Today – the first day of the four-hour trading period – a total of 2.2 million units of shares of 136 companies worth Rs 1.36 billion were traded in the market. The benchmark Nepse index gained 27.59 points to close the day’s trading at 1,745.74 points from today morning’s opening. The market capitalisation reached Rs 1,920.33 billion at the end of the day.
Meanwhile, the Securities Board of Nepal (Sebon) – the capital market regulator – has asked the Nepse management to initiate reform measures along with extension in trading hours. “The extension of trading hours is appreciable,” Sebon said in a statement issued on Friday. “Nepse should also facilitate to process of bringing clearing bank and start massive reforms for sustainable growth of the share market,” it added.
Sebon, on Friday, also formed a committee to look into big investments in the share market on suspicion of illicit flow of money. The committee led by executive director of Supervision and Research Department of Sebon has directors of Legal Enforcement Division and Securities Businessperson Supervision Division along with representatives from Department of Money Laundering Investigation (DMLI), Central Investigation Bureau (CIB) of Nepal Police and experts in the field as members, according to Sebon Director Niraj Giri.
The committee has been asked to submit its report within a month.
Sebon formed the committee after the Ministry of Finance raised suspicion over the ever increasing transaction amount despite poor macroeconomic fundamentals.
Nepse, however, has claimed that rise in transaction is also due to adoption of dematerialised forms of shares trading, which has made trading easier, apart from lucrative returns. High demand for stocks, low bank interest rates and lack of other attractive investment opportunity in the country coupled with handsome returns compared to other sectors is not only propelling the benchmark index to new highs almost every day but also witnessing transaction of over Rs 1 billion ever day. The bonus and rights shares announced by most of the listed companies – especially banks and financial institutions and insurance companies – to meet the new paid-up capital requirement is yet another key attraction pulling the investors to the market, according to share market analysts.

Sebon to check illegal flow of money in share market

The capital market regulator is going to investigate 'suspicious big' investments in the share market without discouraging genuine investors.
Securities Board of Nepal (Sebon) has formed a committee today to conduct investigations into big investments in the share market on suspicion of illicit flow of money as the daily turnover in the market has been exceeding Rs 1 billion lately.
The committee formed under the convenership of the executive director of Supervision and Research Department of Sebon has directors of Legal Enforcement Division and Securities Businessperson Supervision Division, apart from representatives from Department of Money Laundering Investigation (DMLI), Central Investigation Bureau (CIB) of Nepal Police and experts in the field, according to Sebon director Niraj Giri.
The committee has been asked to submit its report within a month.
The capital market regulator has been monitoring 'big investors' in the Nepal Stock Exchange (Nepse) since a few months as the daily turnover has been regularly looking above Rs 1 billion.
“The committee can take further information of the big investors of the market from the brokerage firms,” said chairman of the board Rewat Bahadur Karki.
It has been reported that the committee will keep an eye on investors whose daily transactions are over Rs 5 million. After the enforcement of the Anti-Money Laundering Act in the country, the brokerage firms are also required to notify the capital market regulator regarding transactions of above Rs 1 million.
"Now, the committee can ask for further details of the investors from the brokerage firms and investigate them if the committee has suspicions on the investor’s source of income,” Giri said, adding that the board is going to conduct investigations to prevent the chances of money laundering through the capital market. "Primarily, it is illegal and also will ultimately distort the sound growth of the capital market."

Central bank team takes charge of Nepal Share Markets and Finance from today

A three member team of central bank took charge of the Nepal Share markets and Finance from today.

The team led by deputy director Santosh Kumar Ghimire, has assistance directors Kaji Ram Karki and Prakash Shrestha will sell shares or bring in new investors to increase capital, find merger partner, recover the remaining amount – Rs 2.13 billion – by the then executive chairman Yogendra Shrestha, and prepare a report within the six months and submit to the central bank to either run or sent to liquidate the Class C financial institution.

According to the due diligence report (DDA), Shrestha had embezzled Rs 2.68 billion. Shrestha was involved in insider lending against the good governance and prudential norms of banking.

Though late, the central bank's board had taken the decision to take over the board and management of troubled Nepal Share Markets and Finance last Thursday.
According to the regulation, a financial institution that is declared troubled has to be taken over by the central bank, if it does not improve within six months or sent to the liquidation. But the central bank gave it more than enough time to improve.

Central Investigation Bureau (CIB) last year had arrested Shrestha for his involvement in creating fake borrowers and misusing the deposits of the public. He is still in the jail.

Earlier last week, the central bank has taken over the management of the NCC Bank suspending the board due to prolonged dispute among the board of directors.

Likewise, in 2006, the central bank had taken over the Bank of Kathmandu and returned it within three months. However, the central bank has failed to improve the financial health of Gurkha Development Bank – that it has been handling since last two years – and is still managing it.

Central bank also takes over Nepal Share Markets and Finance

The central bank has taken over the board and management of troubled Nepal Share Markets and Finance.

The second takeover by the central bank in a week has, though came late, is expected to improve the financial health of the class C financial institutions that has been declared troubled since last two year.

According to the regulation, a financial institution that is declared troubled has to be taken over by the central bank, if it doesnot improve within six months.

A three member team led by Nepal Rastra Bank deputy director Santosh Kumar Ghimire will take charge of the finance company for six months from Sunday.

Former chairman of Nepal Share Markets and Finance Yogendra Shrestha was arrested on the charge of embezzlement of Rs 2.66 billion by Central Investigation Bureau (CIB) last year as he was found involved in creating fake borrowers and misusing the deposits of the public.

Earlier this week, the central bank has taken over the management of the NCC Bank suspending the board due to prolonged dispute among the board of directors. Likewise, in 2006, the central bank had taken over the Bank of Kathmandu and returned it within three months. However, the central bank has failed to improve the financial health of Gurkha Development Bank and is still managing it, without any solution in near future.

Technology curbs crime, financial fraud

Technology has bee able to reduce the amount of fraud, though the number has seen rise, according to the experts.

Despite rising number of frauds in recent days, the amount cheated has been less thanks to technology, they said sharing the Indian experience, adding that the number of cases of fraud is less in non-technology cases, the amount was more.

Likewise, the banks and financial institutions in Nepal has also been facing rising challenges from fraudsters, said central bank governor Dr Yuba Raj Khatiwada, addressing the inaugural session of the workshop on Financial Fraud Investigation organised by Nepal Banking Training Institute (NBTI), here today.

With the modernisation of banking system, the need to coordinated approach between the major regulatory and law enforcement agencies in curbing financial crimes is more important, he said, adding that protection of financial sector from fraudsters has become a challenge. "The cases needs better handling with institutional and policy backup as more financial crimes have been motivated due to absence of proper laws and loopholes in the investigation system, apartfrom impunity.

Chief executive of Lumbini Bank and vice president of NBTI Shovan Dev Pant, on the occasion, said that the banks and financial institutions must bring code of ethics for the employees and management to help check unethical practice.

We cannot assume that the employees remains honest all the time as the motivational level, circumstances and their requirement might change, he added, justifying the need of code of ethics to deeply inculcated among the staff as a pre-caution that can help stop big financial crime.

The bankers, officials of Commission for the Investigation of Abuse of Authority (CIAA), Central Investigation Bureau (CIB), and Department of Revenue Investigation took part in the workshop, where the Indian experts gave presentation on their experience.

CIB nabs two auditors

In recent months, the auditors have been in news for all the wrong reasons, as they have been partners in financial crimes.

Central Investigation Bureau (CIB) arrested two auditors, who have been involved in auditing Everest Insurance accounts.

The CIB arrested CA Jagdish Agrawal of J Santosh and Company and CA Gopal Agrawal of G K Agrawal and Company from Kathmandu yesterday for their involvement in auditing the accounts of Everest Insurance in the fiscal year 2008-09, 2009-10, 2010-11 and 2011-12.

Everest Insurance former chief executive has been arrested by the CIB for embezzlement of the company fund of Rs 25.09 million for personal purpose, and the two auditors were found to have helped him misuse the company money, according to the CIB.

Likewise, the CIB has today arrested former director of NIDC Capital Market Shivaji Ray Yadav for his involvement in lending of the company fund for wrong purpose and people and helping misuse it.