Cryptocurrency Crackdown: Arrests in Nepal Highlight Illegal Trading

Nepal police arrested two Indians and a Chinese national in separate incidents involving illegal cryptocurrency trading and possession of large amounts of unaccounted cash. The individuals were found with significant sums in unregistered banknotes, and investigations revealed substantial illicit cryptocurrency transactions.

Nepal police have arrested two Indian nationals and a Chinese national in separate operations targeting illegal cryptocurrency trading and possession of undisclosed banknotes. The arrests underscore a growing crackdown on unregulated financial activities in the region.

In Lalitpur district, police apprehended Rupesh Kumar, 43, and Bipin Kumar, 22, from Bihar, India. They are accused of using a grocery shop as a front to operate a cryptocurrency racket. Officers recovered 820,000 Nepalese rupees and 20,000 in Indian currency from them. Investigations suggest they engaged in illegal transactions amounting to 1.5 billion Nepalese rupees.

Meanwhile, in a separate incident, 40-year-old Chinese national Wang Ziang was arrested in Kathmandu. He was found with NRs. 14.4 million in cash without documentation of its source. Both cases have prompted legal proceedings as authorities continue their investigation.