KATHMANDU, JULY 4
Police have arrested a 25-year-old man on charges of carrying out illegal cryptocurrency transactions worth more than Rs 14.87 million and converting money allegedly obtained through online fraud into digital assets.
The Kathmandu District Police Office on Friday identified the suspect as Mukesh Prajapati of Madhyapur Thimi-5, Bhaktapur. According to police, he used social media to lure people with various inducements, defrauded them, and exchanged the proceeds into cryptocurrency.
Police spokesperson Superintendent of Police Pawan Kumar Bhattarai said the investigation has so far found that Prajapati conducted cryptocurrency transactions totaling Rs 148,76,527.46.
Investigators also recovered digital assets worth 7,485 US dollars (approximately Rs 1.14 million) from his various digital accounts.
The Kathmandu District Court has granted police a five-day remand to continue the investigation. Cryptocurrency trading is illegal in Nepal.