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Nepalese authorities have suspended the passport of businessman Ajeya Raj Sumargi, initiating a fresh investigation into alleged money laundering and the origins of billions of rupees transferred into the country via offshore entities. The Department of Immigration acted on a request from the Department of Money Laundering Investigation (DoMLI).

This move revisits long-standing allegations surrounding the legitimacy of Sumargi's wealth. The DoMLI had previously investigated complaints and found grounds to question the legality of some assets, though the case did not progress at that time. A source within the DoMLI confirmed that Sumargi's passport was suspended following the department's request.

Investigators first scrutinized Sumargi's financial dealings over eight years ago, launching a detailed probe in 2018 after an initial review revealed irregularities. Investigators concluded that the source of approximately Rs3.5 billion Sumargi brought into Nepal could not be established. Reports from the DoMLI, Nepal Police's Central Investigation Bureau (CIB), and other agencies flagged these transactions as suspicious.

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Sumargi’s passport was suspended three days ago at the request of the department.

The Nepal Rastra Bank, the country's central bank, had classified these funds as suspicious and frozen deposits in several commercial banks due to Sumargi's inability to provide documentation. Banking sources indicate Sumargi later withdrew these funds. However, investigators noted he had already withdrawn another Rs8.5 billion prior to 2017.

Much of the implicated money originated from companies registered in tax havens, notably Cyprus and the British Virgin Islands. Preliminary DoMLI findings identified Airbell Services Ltd (Cyprus) and Zhodar Investments Ltd (British Virgin Islands) as major sources of funds. By 2017, Sumargi had reportedly channeled a total of US$118.396 million into Nepal. Investigations, including the "Nepal Leaks" project by the Centre for Investigative Journalism Nepal (CIJ Nepal) and the International Consortium of Investigative Journalists (ICIJ), identified Sumargi's investment in Airbell Services, suggesting the company was used to funnel funds into Nepal under the guise of foreign investment.

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The Nepal Rastra Bank, the country’s central bank, had already classified those funds as suspicious.