7th June 2024, Kathmandu
In a significant crackdown, the Central Bank of Nepal has frozen the accounts of two prominent mobile wallet companies, Paywell Nepal Pvt. Ltd. and SajiloPay Payment Services Pvt. Ltd., following revelations of their involvement in the illegal payment of gold smuggling.
Rastra Bank Freezes Paywell and Sajilo Pay
The action comes after the Central Investigation Bureau (#CIB) uncovered the misuse of these wallets in transactions related to the smuggling of 60 kg and 700 grams of gold from Hong Kong to Kathmandu.
During the second phase of CIB’s investigation, it was found that these mobile wallets were used to facilitate payments for the smuggled gold.
The investigation has led to the arrest of 10 individuals linked to the smuggling operation.
The Rastra Bank has subsequently halted the business operations of Paywell Nepal, located in Anamnagar, and SajiloPay, based in Baluwatar.
The investigation revealed that the gold smuggler made transactions amounting to approximately 3 billion Nepalese rupees through these mobile wallets, highlighting a significant breach of financial regulations.
The decisive action by Rastra Bank underscores its commitment to maintaining financial integrity and cracking down on illegal activities facilitated through digital payment platforms.
For more information: Rastra Bank Freezes Paywell and Sajilo Pay