KATHMANDU: On December 25, 2021, Baburam Kandel from Butwal was encouraged by a friend to join HyperFund, an online networking business. Without much thought, he joined, expecting substantial returns.
Initially, Kandel invested $1,000 (equivalent to Rs 135,161.80 as per the current exchange rate).
Over the next four months, he invested further, eventually putting in around $10,000 (equivalent to Rs 1,351,618.00).
At first, he received some returns, which enticed him to invest more.
Frequent Zoom meetings arranged by those involved in the scheme promised higher returns for increased investments.
However, he eventually lost his savings and inadvertently deceived others into joining.
Kandel reports that scammers are now operating under different names such as ‘SBG Global,’ MMIT, V-TABS, and V-LIFE.
Currently living in the Maldives, Kandel shared his experience in a virtual conversation with RSS.
He noted that many victims are hesitant to speak out, fearing legal repercussions.
Similarly, Ranjana Shrestha, a Nepali nurse living in the UK for over 18 years, faced severe economic, mental, and social setbacks after losing millions of rupees.
Convinced by a friend of her spouse, she invested in the fund on August 5, 2021, and persuaded family members, friends, and colleagues to do the same.
Despite regularly checking the website and feeling reassured by the apparent growth of her investments, she and her associates have not been able to withdraw any funds.
Shrestha hopes for support from Nepal Police to recover their investments. She and other victims are working to raise awareness about such scams and seeking justice.
DB Thapa, who worked in the civil engineering department of an airport in Dubai for 20 years, recently filed a complaint with the Central Investigation Bureau (CIB) against HyperFund operators after losing Rs 1.95 million, including money from his family.
Thapa joined the scheme in August 2021 and realized it was a scam when he faced difficulties withdrawing funds in April 2022.
He claims that Nepali national Devi Pokhrel, also known as Roshan Pokhrel, and Lalit Kumar Neupane were key figures in deceiving Nepali citizens.
Thapa estimates the total loss suffered by Nepalis globally to exceed Rs 700 billion, causing significant mental, social, and economic distress.
Victims regularly meet through Zoom to share their experiences and support each other.
Kandel emphasized the need for cooperation from Nepal Police and Nepali media to achieve justice.
He urged the police to monitor illegal transactions from Nepal, potentially disguised as legal online wallet transfers.
Option for Lodging Complaints Online
Superintendent of Police Hobindra Bogati, spokesperson and information officer for the CIB, reported that one person, Nanu Ghimire (aka Kajal) from Lalitpur, has been apprehended for orchestrating fraud under the guise of HyperFund.
Scammers lured victims through Zoom meetings, promising high returns on investments of $1,000. To date, the CIB has received complaints from 56 people, involving fraud amounting to over $79.05 million.
Bogati advised victims to lodge complaints via the official CIB website (https://cib.nepalpolice.gov.np/) using the provided Gmail ID.
He assured that while joining an illegal online business is an offense, the Nepal Police will not treat victims as defendants, recognizing they were duped.
The Nepal Rastra Bank, the central bank regulator, has issued a statement declaring all forms of virtual currency, cryptocurrency, network marketing, and HyperFund illegal in Nepal.
Any involvement in these activities, including transactions, investments, or mining, is subject to legal action.
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