The Special Court has found Civil Savings and Credit Cooperative Limited promoter Ichchha Raj Tamang guilty of money laundering.
The Department of Money Laundering Investigation (DMLI) had filed a case against Tamang at the Special Court after investigation.
Special Court Chairman Tek Narayan Kunwar and members Hem Narayan Singh Rai and Murari Babu Shrestha found Tamang guilty in the case on Sunday, according to the court.
The DMLI had sought Rs 3.32 billion in claims from Tamang, as well as confiscation of a plot of land and shares in 69 different companies in Tamang’s name.
It had also sought Rs 3.03 billion in claims from Tamang’s wife Sirjana Shakya Tamang along with confiscation of one vehicle and plots of land at different places acquired through illegal means in her name.
The Central Investigation Bureau (CIB) of Nepal Police had conducted investigation after a complaint of fraud was lodged against Tamang. The Bureau had then produced him before the Kathmandu District Court charging him with committing fraud amounting to Rs 5.66 billion.
The DMLI had also opened investigation against Tamang deeming he also indulged in money laundering. The department said that the Tamangs had committed money laundering by hiding illegal sources of their property and by transferring and transforming the property.
