Clever China is using Nepal not only against India but is also using Nepalese banks and companies to deal with Iran despite the US embargo. A joint investigation by the Center for Investigation Journalism (CJI) Nepal, the International Consortium of Investigative Journalists (ICIJ), and Bajfeed has revealed that some banks and companies in Nepal are transferring suspicious funds from abroad.
The investigation report released on Sunday reported that some Nepalese banks and companies are engaged in trade between Iran and China by dodging the US embargo. The report has been named 'FinCEN Files' based on the top-secret documents of the Financial Crime Information Network, a governmental organization that monitors financial transaction systems in the US.
According to 'FinCEN Files', between December 2006 and March 2017, 9 banks, 10 companies, and several individuals in Nepal carried out several suspicious transactions in the name of cross-border trade. A 25-page report on Nepal states, "It shows that some units in Nepal are involved in smuggling of gold, old goods, bitumen, telecommunications equipment." Standard Chartered Bank, Prime Commercial Bank, Bank of Kathmandu, Nepal Investment Bank, Everest Bank, Mega Bank, Himalayan Bank, Apex Development Bank of Kasaki, Nepal Bangladesh Bank, etc. are included in this list, which are involved in suspicious money transfers. Huh.''
FinCEN Files reports that 10 Nepali companies are directly involved in suspicious transactions. According to the report, transactions through these banks and companies have been valued at $ 292.7 million in the last 11 years. These companies include Raunier Brothers and Company, ShubhSamrudhi Traders Pvt Ltd, Shashata Trading Company, Setidevi Export Import Pvt Ltd, Women's Paper Craft, Ekmi Money Transfer Service, and Sunny Enterprises, which are conducting suspicious cross-border transactions.
Among these companies, Rainier Brothers and Company, Shubh Samriddhi Traders, Private Limited are from Parsa district and allegedly traded to a Dubai-based company, Kite International FZE, whose main business is the import-export of petroleum products. "The Rainier family did business through these dubious companies in Dubai and transferred money in the name of petroleum products in Nepal," the report said. Rainier Brothers and Shubh Samridhi Traders received Letters of Credit (LC) from Standard Chartered Bank of Kathmandu several times between 28 September 2010 and 4 September 2014. In these four years, these two companies sent US $ 71.4 million to different countries including Dubai. ''
FinCEN further states that Rauner's company asked for goods from Iran banned from the US, but documents have been tampered with stating that the goods were imported from Dubai. According to FinCEN, Zhongxing Telecommunication Equipment (ZTE) Corporation, China's largest telecommunications service provider, sent US $ 213.3 million to other countries including Nepal between 17 March 2011 and 1 March 2017.
ZTE conducted the transaction through Beijing-based China Construction Bank. The New York Branch of China Construction Bank found that the transaction amounts are questionable. 4 No. Between 2013 and 27 February 2017 ZTE transferred some amount to Nepal Investment Bank. Four times the company sent $ 5,709.09, $ 5,244.76, $ 40,357.75 and $ 10.
According to FinCEN, a five-year investigation revealed that ZTE carried out several conspiracies to dodge US sanctions. The company bought communications equipment from the US and sold it illegally as its product in Iran. ZTE suspiciously sent funds to and through several countries, avoiding US sanctions.
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