Ajayraj Sumargi is accused of laundering money by bringing in around Rs 1 billion in the form of foreign direct investment from countries such as Cyprus and the British Virgin Islands, which are considered 'tax havens'.
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The Money Laundering Investigation Department has launched a detailed investigation against businessman Ajayraj Sumargi and has frozen his passport. The Immigration Department has frozen his passport at the request of the Money Laundering Investigation Department.
An investigation was launched against Sumargi in 2074 BS on charges of laundering money by setting up fake companies in Cyprus and the British Virgin Islands, which are considered 'tax havens' (tax-friendly places), and bringing in direct foreign investment. After the initial study found objections, it was said that a detailed investigation would be conducted against him.
However, the investigation against him could not proceed due to political influence. Now the department has launched a detailed investigation on the same matter. In the meantime, his passport has been sent to the Immigration Department for freezing, an official of the department informed. 'At the request of the department, the Immigration Department has frozen the passport on Tuesday,' the official told Kantipur.
In the initial study conducted in 2074, it was concluded that the source of the money that Sumargi had brought and was about to bring from abroad was not revealed, and it was concluded that it was 'illegal'. In the initial study by the officials of the Money Laundering Department and the CIB of the police, a report was submitted to the Director General of the department, stating that Sumargi's transactions appeared suspicious.
Nepal Rastra Bank had also stopped the disbursement of about 3.5 billion rupees that Sumargi had brought from abroad, calling it 'suspicious'. When Sumargi could not submit legal documents, the Rastra Bank had 'seized' the money in various commercial banks. But after 2075, the relevant bank sources have said that Sumargi had withdrawn the money from those banks.
Before 2074, he had withdrawn and used about 8.5 billion rupees. Later, he was successful in disbursing three billion rupees. On this basis, he has brought in about 11 billion rupees from various countries. The department's initial report showed that Sumargi had received more money from Airwell Services Pvt. Ltd. of Cyprus and Jodhar Investment Pvt. Ltd. of the British Virgin Islands. According to sources related to the department, the investigation into this amount has been intensified.
According to the details made public by the Center for Investigative Journalism (KHOPKE) and The International Consortium of Investigative Journalists (ICIJ) in Magh 2075, Sumargi had also invested in various companies based abroad. 'This company, which has the address of Magnum House in Cyprus and is still active, was opened in 2008,' the disclosure called Nepalix said. The department has stated that it will be confirmed that Sumargi laundered money from this company by claiming foreign investment.
The investigation showed that Sumargi had transferred 63,185,533 US dollars from Airwell to his Nepali company in 9 times from 2008 to 2013. Investigations had shown that Sumargi had so far brought about 60 million US dollars into Nepal from various foreign companies.
The preliminary study report of the Money Laundering Investigation Department prepared in December 2074 concluded that the amount was illegal. But Sumargi had been claiming that his money was officially foreign. Sumargi's connections with various foreign companies were revealed at that time.
According to which, on May 12, 2010, the British Virgin Islands intermediary law firm 'Trident Trust' registered Jodhar Investment Company. One of its investors was Sumargi and the other investor was Arjun Sharma, a director of Muktishree Pvt. Ltd., who works in his company, according to the investigation.
Sumargi had brought 48 million 372 thousand 222 US dollars into Nepal in 26 times from the same Jodhar Investment without obtaining foreign investment permission. It is said that Jodhar transferred 1,060 shares to World Wide Incredible, registered in the British Virgin Islands, on November 22, 2013. World Wide also acquired Airwell Services, registered in Sumargi's name, on the same day. Its investors were confirmed by the Center for Investigative Journalism (Khopke) and the International Consortium of Investigative Journalists (ICIJ), where Sumargi is based.
Similarly, there is also an example of Sumargi evading taxes in Nepal. According to the 54th report of the Auditor General, Sumargi has evaded taxes of Rs 955 million and Rs 453.8 million on two occasions. According to the report of the Auditor General, he has evaded taxes of a total of Rs 1.4 billion 88 million in the name of selling shares between companies in Nepal and abroad.
