Thursday, 18 April, 2024
By A Staff Reporter
Kathmandu, Nov. 8
Police on Friday morning detained three Indian nationals (Hundi traders) for possessing cash Rs. 1.8 million, whose source they could not show.
According to a news bulletin of Nepal Police Headquarters, the racketeers were coming to Nepal from Raxaul, the Indian border, carrying the money.
Police have their claim that they were identified as Hundi traders.
According to the bulletin, they were arrested from Rajatjayanti Chowk of Birgunj Metropolitan City-16 in Parsa district during a police checking.
The arrestees were identified as Sudhir Kumar, Shahid Alam and Bikki Kumar. According to the police, the racketeers entered Nepal riding three motorcycles.
Hundi transaction is an informal system of remittance that is illegal as the money exchange takes place outside the banking channels.
Anyone found involved in such transactions is liable to punishment.
According to the Foreign Exchange Regulation Act, anyone involved in such transaction would forfeit the money and could be fined up to three-fold the amount illegally transferred, in addition to a jail term not exceeding three years.
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