Police recommend recovering Rs95 billion in Smart Telecom asset auction case
Summary
Police have recommended recovering Rs95 billion in damages and prosecuting 22 people over the alleged illegal auction of Smart Telecom Pvt Ltd’s assets. The investigation says the assets were auctioned through collusion involving Nepal Investment Mega Bank and Ncell Axiata Limited.
Key Points
- The Central Investigation Bureau has submitted a report recommending Rs95 billion in damages and prosecution of 22 people in the Smart Telecom asset auction case.
- Police say the assets of Smart Telecom Pvt Ltd were illegally auctioned after the company came under government ownership.
- The investigation alleges collusion between Nepal Investment Mega Bank and Ncell Axiata Limited and cites fraud, criminal breach of trust and organised crime.
- Bhupendra Bhandari, former chairman of the Nepal Telecommunications Authority, was arrested in connection with the case.
