Police arrest Dhanusha man accused of Rs 2.16 billion crypto trading and betting

Police have arrested a 28-year-old man from Dhanusha, accusing him of running online betting and trading cryptocurrency worth more than Rs 2.16 billion through a Binance account.

The man is Sunil Kumar Yadav, whose permanent address is Sabaila Municipality-12 in Dhanusha. A team from the Kathmandu Valley Crime Investigation Office arrested him in coordination with the District Police Office, Dhanusha. Superintendent of Police Rameshwor Karki of the investigation office announced the arrest on Thursday (October 29), Gorkhapatra reported.

Police said they acted on information that betting was being run through electronic channels and online betting apps, and that cryptocurrency was being traded on a large scale against Nepal Rastra Bank policy and the law. The investigation office then stepped up technical analysis and surveillance, according to Techpana.

According to police, as reported by Nagarik and Techpana, Yadav's Binance account handled more than 26,991,388 USDT (Tether), worth Rs 2,16,01,20,821 at the prevailing exchange rate. Gorkhapatra, citing the same office, gave the crypto figure as the equivalent of 26,981,388 US dollars; all three outlets give the same rupee value.

Police said he is being investigated under Section 125 of the Criminal Code, 2074, which bars gambling and betting, and Section 262(a)(1), which bars the use of virtual currency. The Kathmandu District Court in Babarmahal has extended his custody so the investigation can continue, police said.