Nepal police recommend Rs95 billion damages in Smart Telecom asset auction probe

Nepal's Central Investigation Bureau (CIB) has recommended seeking Rs95 billion in damages and prosecuting 22 people in connection with the alleged illegal auction of assets belonging to Smart Telecom Pvt Ltd. The investigation report was submitted to the Kathmandu District Government Attorney Office on August 7, following the company's transition to government ownership.

The CIB's findings suggest a case involving fraud, criminal breach of trust, and organized crime. The investigation points to collusion between Nepal Investment Mega Bank and Ncell Axiata Limited as the mechanism for the alleged illegal auction of assets. This has led to the arrest of Bhupendra Bhandari, former chairman of the Nepal Telecommunications Authority, on July 30.

Sources within the government attorney office indicate that the police are recommending prosecution for 22 individuals. Among them, nine are reportedly Ncell officials, and two are officials from Nepal Investment Mega Bank. The CIB confirmed the completion of its investigation and submission of the report, with the government attorney's office now undertaking a review to decide on potential court action.

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We have completed the investigation and submitted the report. The government attorney is conducting further study.