Friday, 3 December, 2021

CIB completes probe on Civil Group’s chairman Tamang


By A Staff Reporter
Kathmandu, Nov. 26: Police have confirmed that Ichchha Raj Tamang, chairman of the Civil Group, who was arrested on charge of fraud and organised crime, has investment in altogether 21 companies under his direct and indirect ownership.

“There may be other sectors of his investment and we are still confirming further,” Deputy Inspector General and chief of the Central Investigation Bureau (CIB) Dhiraj Pratap Sigh said.
The CIB had detained 12 people including Tamang on October 4.
Following police investigation, it has been confirmed that Tamang has embezzled Rs 5.63 billion of 1,480 depositors from his own Civil Cooperatives.

The CIB is investigating against 12 persons including him under an organised and fraudulent act charge sheet.
DIG Singh said that the investigation was almost complete and preparations were being made to file a case at the District Court through the district government attorney office, Kathmandu, within a few days.

It has also been found that Tamang had misused more than 90 per cent amount of the total deposits from the cooperatives by setting up various companies in the name of his relatives.
He has been found withdrawing money from cooperatives in the name of 21 different companies. Most companies are shown to be at loss, said police.

According to the police, 21 companies having direct and indirect investment of Tamang include - Kamen Consulting Engineers and Construction Company Pvt. Ltd., Bagh Bhairav ​​Consultancy Pvt. Ltd., Civil Savings and Credit Cooperative Society Limited, Civil Merchant Financial Institution Limited, Civil Homes Pvt. Ltd., Kot Bhairav ​​Housing & Developers Pvt. Ltd., Civil International Consultant Pvt. Ltd., Civil States Pvt. Ltd. and Civil Merchant Investment Company Limited.

Others include: Civil Capital Market Limited, Civil Apartment Pvt. Ltd., Civil Infrastructure Developers Pvt. Ltd., Civil Bank Limited, Civil Furniture and Trading Company Pvt. Ltd., City Basti Bikas Company Pvt. Ltd., Cine de Chef Company Pvt. Ltd. at Civil Trade Centre (CTC), Brew & View Bar & Restaurant Company Pvt. Ltd., Civil RMC & Pre Wood Industries Pvt. Ltd., Civil Hotel Pvt. Ltd. and Civil Modern Construction Pvt. Ltd.