Kathmandu, August 28

Nepal Police has asked people, especially those going abroad or returning from a foreign destination, to be aware of fraudsters offering to exchange dollar bills at a rate cheaper than the market rate.

According to the statistics with the Metropolitan Police Office, Kathmandu reported 25 cases of such fraud in the fiscal year 2014-15, compared to 17 in 2013-14. The Metropolitan Police Circle, Gaushala, arrested Jitendra Tamang, 25, of Kebalpur, Dhading, from Tilganga yesterday.

DSP Surendra Prasad Mainali said Tamang was associated with a fraud racket that swindled people on the pretext of exchanging US dollars at a cheap rate. Police have also confiscated fake 350 dollar bills of denomination 100 and 50 from him.

“We have put this issue on top priority, as fraudsters continue to dupe many people, especially foreign bound returnees,” he informed. According to police, the gangs defraud unsuspecting persons, including those who have returned from foreign employment. The racketeers find persons willing to exchange Nepali rupees for US dollars and convince them to exchange money at ‘a cheap rate’ by showing dollar bills.

After convincing the victims, the swindlers take them to a solitary place for ‘mutual exchange’ and make off with Nepali rupees by providing them with bundles having genuine dollar bills on top and bottom.  “They request their targets to see and count ‘the dollars’ somewhere else, ‘as police could arrest them for exchanging dollars at a cheaper rate’.

As the persons who exchange Nepali rupees for ‘US dollar’ reach their destination and check the bundles, they realise they have been cheated.