Company into illegal financial transaction

Bara, August 6

Samman Investment Private Limited has been found to be carrying out unlawful financial activities in Bara and Parsa.

Registered with the Office of Company Registrar as a private company, Samman was found to be carrying out transactions of saving and credit at Bara’s Jitpurasimara Sub-metropolitan City and Parsa’s Parwanipur and Parsagadi Municipality. Headquartered at Parwanipur, Birgunj, the company has collected savings from around 200 locals of Jaitapur Bazaar of Jitpur-Simara in the past one month.

Without mentioning its purpose, the company had taken permission from Ward No 17 of Birgunj sub-metropolis to open its branch at Jaitapur and set up office one-and-a-half months ago.

Ward No 17 Chair Nabaraj Khadka said when some aware locals inquired about the company’s legality in collecting savings it came to the surface that the company had not received permission to carry out a financial transaction.

A woman has been deployed to collect the amount by making a passbook like that of a cooperative in the area. Company Proprietor Dipendra Kumar Karna admitted that it was wrong to collect savings. He pledged to stop collecting savings. “But, we will carry on with loan sanctions,” Karna stated.

The company has not received permission from the government agency to sanction loan and collect interest. Karna said his company had not received a licence to carry out saving and loan transactions. He, however, claimed that his company could carry out loan sanctions. “We opened the company and we do not have to ask anyone to sanction loan and receive interest,” he added.

Nepal Rastra Bank Birgunj Chief Rabindra Maharjan said that only banks and financial institutions licensed by Nepal Rastra Bank and cooperatives registered with Division Cooperative Office could carry out transactions in loan and saving. “If the transaction of saving and loan is under way in the name of the investment company, this is theft,” Maharjan said. “If a case is filed, police can take action against people on the charge of theft,” he added.

Bara DSP Ranjit Singh Rathaur said that no case of illegal financial transaction was filed and if a case were filed investigation would be launched.