KATHMANDU: A team from the Central Investigation Bureau (CIB) of Nepal Police has arrested two Indian nationals accused of conducting illegal cryptocurrency transactions worth over Rs 1.5 billion under the guise of running a grocery store.

According to the police, 43-year-old Rupesh Kumar Gupta and 22-year-old Bipin Kumar, both from Bihar, India, were arrested for their alleged involvement in crypto trading through a grocery store named Rajatirtha Traders located at Kalopul, Sanepa-2, Lalitpur Metropolitan City.

Based on a tip-off about illegal hundi (underground money transfer) and cryptocurrency operations being run under the name of the grocery store, the CIB launched an operation and apprehended the suspects.

During the arrest, police recovered Rs 820,000 in Nepali currency, INR 10,000, a CCTV DVR set, and an item resembling a musk pod from a protected wild animal.

The CIB is preparing to charge the duo under multiple offenses, including unauthorized use of virtual currency and illegal hundi transactions, as per Nepal’s Criminal Code 2074, along with charges related to possession of protected wildlife parts.

Further investigation is underway, confirmed CIB spokesperson and Superintendent of Police Yubaraj Khadka through an official press release.