Nepal Police have arrested three people for trading in cryptocurrency. The Kathmandu Valley Crime Investigation Office has arrested three people on the charge of trading cryptocurrency banned in Nepal.
Anup Mishra, Dipesh Thapa and Rahul Chachan, who are currently living in Kathmandu, are among those arrested. He was arrested by the police on April 19 and 20 from Mahabuddha, New Road and Kalanki in Kathmandu along with an electronic device used for trading crypto.
According to the office, a special team has been deployed in the Kathmandu Valley to monitor some individuals in the Kathmandu Valley on the basis of confidential information that they are active in cryptocurrency financial transactions contrary to the rules, directives and orders issued by the National Bank.
According to the police, the cryptocurrencies banned in Nepal were active in illegal trading of various currencies including Bitcoin, USDT, Solna and Etherium.
They have so far traded cryptocurrencies worth Rs 667.97 million.
Among those arrested is Anup Mishra, who has been using Binance’s account since May 2021 to transact in 20 cryptocurrencies including USDT, ETH, SHIB, ADA, VET, Alpha and a total of Rs 354.683 million. A total of 0.31736919 bitcoins equivalent to USD 12 thousand 832 USD was found in the account, according to the police.
Another arrested person, Dipesh Thapa, has been transacting a total of Rs.
He currently has 0.03601392 bitcoins worth USD 1,399 in his bank account.
Rahul Chachan, who was arrested, has so far collected 20 cryptocurrencies worth about Rs. According to the police, the transaction amounted to Rs. 653.39 million. Rahul currently has 651 worth of bitcoin in his balance account.
They traded 5,000 to 50,000 USDT daily on online platforms including OneX Bet, Hyper Fund.
They also used to pay for cryptocurrencies online when importing commercial goods from abroad.
Preliminary investigations by the police have shown that crypto traders have been using cryptocurrencies to keep their identities secret, using hundreds of other people to open bank accounts and balance accounts in the names of three people and encouraging them to trade cryptocurrencies for a fixed commission.
They have been sent to Kathmandu Metropolitan Police Complex for necessary action and further investigation as per the Banking and Financial Institutions Act, 2073 BS.