KATHMANDU: Nepal Police have arrested a 25-year-old man on charges of conducting illegal cryptocurrency transactions worth more than Rs 14.8 million.
Mukesh Prajapati of Madhyapur Thimi-5, Bhaktapur, was arrested by a team from the Kathmandu District Police Range and presented to the media on Friday.
According to police, Prajapati allegedly used social media to lure people with various schemes, defrauded them, and converted the proceeds into cryptocurrency for illegal transactions.
Kathmandu District Police Range spokesperson and Superintendent of Police Pawan Kumar Bhattarai said the investigation has found that Prajapati carried out cryptocurrency transactions worth Rs 14,876,527.46.
Police also recovered digital assets worth 7,485 US dollars (approximately Rs 1.14 million) from his various digital accounts.
Prajapati has been remanded in custody for five days with permission from the Kathmandu District Court as police continue their investigation.
Cryptocurrency trading is illegal in Nepal.
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