. Lately, about a dozen industrialists and businessmen have left the country for foreign countries.

Sources say that industrialists and businessmen have been forced to leave the country due to fear and uncertainty as the government has intensified investigations into money laundering, securities and insurance crimes.TAG_OPEN_p_44

According to sources, Rohit Gupta, Amit Mor, Shahil Agrawal, Raj Bahadur Shah and others have gone abroad after the police started investigation against the founder, former chairman and director of Himalayan Reinsurance Company.TAG_OPEN_p_43

Similarly, the company’s CEO Upasana Poudel has also gone to India for treatment but has not returned to Nepal.TAG_OPEN_p_42

TAG_OPEN_p_41 According to industrialists, some other businessmen, who pay billions in taxes to the state, have also gone abroad in recent days. Due to fear, they have not been able to move towards investment expansion.

Crackdown intensifies with change of government{

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The private sector believes that the Balendra Shah-led government has given priority to strict action against industrialists and entrepreneurs. Although the government is said to have put about a dozen businessmen on the radar, the Finance Minister has claimed that it has not prepared such a list. However, the internal administration and the police seem to be active in taking action.

According to sources, people from various walks of life, including construction entrepreneurs, remittance businessmen, bankers, automobile entrepreneurs, etc., are under police surveillance.TAG_OPEN_p_38 The private sector has also been accusing some contractors of illegally detaining them.

Ramesh Sharma case: ‘Trembling’, not investigation?

On May 12, Ramesh Sharma, the chairman of Sharma & Co., was arrested on the charge of delaying government contracts.TAG_OPEN_p_36 However, it has been claimed that he was taken directly to Singha Durbar without taking him to the Kathmandu Valley Crime Investigation Office and was released after a minister threatened to complete the contract on time.

Industrialists say that arresting industrialists and businessmen in such an irresponsible manner has weakened the morale of the private sector.TAG_OPEN_p_35

Jyoti Pandey case

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Jyoti Pandey, CEO of Nepal Investment Mega Bank, was arrested by the CIB on May 14 on the charge of cheating and criminal breach of trust in the auction of smart telecom equipment.TAG_OPEN_p_33 On May 1, the Supreme Court had ordered his release.

Industrialists say that “many of the arrests made by the government in recent years have been blamed without due process, without adequate investigations,” which raises a lot of questions.TAG_OPEN_p_32

Shekhar Golchha Episode

After the arrest of businessman Deepak Bhatta under the Securities Act on April 2, Finance Minister Dr.TAG_OPEN_p_30 Swarnim Wagle had said that the businessmen will not be arrested anymore. However, the administration’s action has not stopped. Bhatt is still in the investigation.

The CIB had also arrested former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Shekhar Golchha on April 26 in connection with the case.TAG_OPEN_p_29 After his release from court, he was re-arrested under the Insurance Act. Now Golchha is gone.

“Listen first, and then detain” — Private sector demand

Private sector representatives say, “Industrialists and businessmen should not be afraid if the state implemented a policy of listening first and then locking up.” But now the opposite is happening—the first to be heard, then to listen. ”

According to Rajesh Upadhyaya, senior vice-president of the Confederation of Bank and Financial Institutions, such a working style has created fear among bankers, industrialists and businessmen.TAG_OPEN_p_26

According to sources, investigation is underway against Ashish Shrestha, chairman of Nepal Micro Insurance and others in connection with the Himalayan Reinsurance scam.TAG_OPEN_p_25