DRI uncovers new cases of IC abuse

KATHMANDU, Sept 5: The Department of Revenue Investigation (DRI) on Sunday has found two firms of misappropriating an additional Rs 207 million worth of Indian currency (IC) by producing fake customs declaration forms and demand drafts without actually importing the goods.

“Digital World and Maxwell Computer have been suspected of misappropriating an additional Rs 130 million and Rs 77.6 million from NIC Bank between February 24 to September 2 and May 15 to September 2 respectively, producing fake documents,” Shanta Bahadur Shrestha, director general of DRI told Republica.

He said traders were using clandestine ways to siphon off the hard earned IC amid the tight policy of Nepal Rastra Bank (NRB).

A joint investigation carried out by DRI and Parsa District Police on Wednesday had found Maxwell Computer, Shyam Galla Bhandar, Jaya Matadi International, Digital World and GS Traders of producing nine fake customs declaration forms to siphon off IC worth Rs 460 million from the Birgunj branch of NIC Bank over the last six months.

With the unfolding of these cases, the total misappropriation of IC by these firms now stands at over Rs 660 million.

Police has already sent Kul Bhusan Mishra, Suresh Mishra, Sandeep Sah, Arabinda Kumar Sah and Ramesh Kumar Sah, suspected of involvement in the misappropriation of IC, to judicial custody after arresting them in possession of IRs 7.5 million. Preliminary investigation shows that the firms they represent have not imported goods as claimed in the customs declaration forms.

“What´s more, we couldn´t even find the physical existence of the firms during our four-day investigation,” said Shrestha.
Suspected misappropriation of IC worth over Rs 660m
Five firms involved
No physical existence of firms´ offices
Experts from NRB, DoC to assist investigation
DRI has formed a seven-member investigation team led by Mohan Lal Chand on Sunday. The team also includes experts from NRB and DoC.

“We couldn´t find any physical proof of the import of the goods. The bank statement, customs declaration forms and demand drafts submitted by the traders do not match,” Shrestha added. He said action would be taken against them as per the Foreign Exchange (Regulation) Act.