Investigation Reveals Naresh Agarwal’s Involvement in Gold Smuggling

KATHMANDU, Feb 10: The Department of Revenue Investigation (DoRI) has uncovered startling evidence linking Naresh Agarwal, a garment merchant arrested for hundi transactions, to the smuggling of gold in Nepal. Investigations based on call records and the recovery of a gold weighing machine from Agarwal’s residence have revealed his deep involvement in illegal gold transactions.

The DoRI, in collaboration with the Intelligence Bureau of the Armed Police Force, arrested Naresh Agarwal on the night of January 17 from Chhetrapati. During the arrest, the DoRI team seized Rs 2 million, USD 2000, and currencies from various countries from Agarwal’s house. Additionally, a gold weighing machine was also discovered.

Suspected Involvement in Money Laundering and Gold Smuggling

As the DoRI intensified its investigation, it suspected Naresh Agarwal of being involved in various illicit activities, including money laundering, illegal transactions, gold smuggling, and hundi operations. Nabraj Dhungana, the director general of the DoRI, stated, “We are conducting an in-depth investigation into his connection with cryptocurrency transactions.”

“Our suspicion is that he is involved in money laundering, illegal transactions, gold smuggling, and hundi transactions. Furthermore, we have reason to believe that he is also engaged in cryptocurrency transactions,” Dhungana added.

Million Rupee Transactions and Connections with Chinese Nationals

According to investigating officers, Agarwal has been found to conduct transactions worth millions of rupees in a single day, even on the day of his arrest. The DoRI has also discovered that Agarwal has connections with Chinese national Li Hansong Lu. Both individuals were involved in smuggling 9 kg of gold from Tribhuvan International Airport (TIA) in mid-December last year, as well as the interception of approximately 61 kg of gold by the DoRI.

Additionally, the DoRI believes that Agarwal keeps detailed records of gold origins and quantities. It appears that Agarwal holds significant influence over administrative and security agencies in Nepal. Despite prior information received by the DoRI about Agarwal, lack of evidence prevented immediate action.

Gold Smuggling Payments through Hundi

The DoRI obtained information suggesting that Agarwal and his group made payments for the gold intercepted outside TIA using hundi, an informal money transfer system. However, they were unable to gather sufficient evidence at the time. Subsequently, a gold weighing machine was discovered during Agarwal’s arrest, providing crucial evidence.

Dhungana stated, “We have found other evidence of his dealings. All gold smuggled through Nepal is paid for via Hundi.”

Connections with Chinese Smuggling Group

Furthermore, the ongoing investigation has revealed a connection between Naresh Agarwal and Daojin Wang, a Chinese citizen involved in smuggling gold in electronic cigarettes. The DoRI has identified three Chinese nationals involved in the smuggling of 61 kg of gold: Yao Pucheng, Li Wen Sung, and Zhiquan Lin. Agarwal’s contacts and transactions are linked to these individuals as well.

Abhishek Agarwal and Suspicious Business Activities

According to DoRI sources, Naresh Agarwal and his son Abhishek Agarwal utilized their bank accounts for transactions. However, Abhishek Agarwal is currently absconding. The Indian revenue investigation department previously arrested him in connection with illegal business activities in India and imposed a fine.

Dhungana revealed, “The DoRI is investigating Naresh Agarwal in connection with three illegal transactions: hundi, gold, and cryptocurrency. He can be detained for 60 days for investigation. Therefore, we are probing his involvement in all types of illegal transactions.”

Use of Cryptocurrency in Illegal Transactions

According to the investigation officer of the DoRI, all payments were made using USDT, a cryptocurrency stablecoin pegged to the US dollar. The details were retrieved from Agarwal’s mobile phone seized during the arrest. The officer further confirmed the use of USDT for cryptocurrency transactions in Nepal.

Agarwal was also allegedly involved in sending money to Indian citizens in Nepal through Hundi, disguising it as a garment trade. Separate counters were set up in Kuleshwar and Balkhu for this purpose. However, payments to Chinese citizens were made exclusively from Agarwal’s residence.