CIB names 22 defendants, seeks Rs 95 billion in Ncell-Smart case
Summary
Nepal Police’s Central Investigation Bureau has recommended criminal charges against Ncell, Smart Telecom and Nepal Investment Mega Bank in the disputed Smart Telecom auction case, seeking Rs 95 billion in damages. The report names 22 defendants and alleges collusion, unlawful asset transfer and banking offenses tied to the sale of Smart Telecom’s assets.
Key Points
- The CIB has submitted a report to the Kathmandu District Attorney’s Office recommending charges against Ncell, Smart Telecom, Nepal Investment Mega Bank and 22 individuals.
- Police seek about Rs 95 billion in damages, including Rs 87 billion against Ncell and Rs 4.6 billion against Nepal Investment Mega Bank.
- The case centers on the auction and transfer of Smart Telecom’s assets after its license expired and its debts turned into a non-performing asset.
- The report also names prominent businessmen Upendra Mahato and Ajeya Raj Sumargi as government witnesses and cites alleged collusion involving company executives.
