The Central Investigation Bureau (CIB) has suggested the government to form a separate institution to carry out financial crime investigation, citing increasing cases of financial frauds.
According to a CIB official, it has been receiving increasing complaints related to financial frauds in recent days. Currently, the bureau has been investigating 347 complaints related to the financial misappropriation including a number of cases of cheque bounce.
Since its establishment in July 2010, the CIB has investigated 239 cases of banking frauds. In addition to this, the bureau has also handled 14 cases of ATM frauds, 14 cases of crypto currency and 43 cases of misappropriation in cooperatives.
According to the CIB source, despite handling a notable number of cases, the CIB is facing a shortfall of skilled manpower to look after the cases.
The records with the Kathmandu Police Range also show that the cases of financial frauds have been rising at an alarming rate. During mid-July and mid-May, a total of 5,312 cases related to banking fraud and financial crime were registered in Kathmandu Valley. Most of the cases under banking fraud and financial crimes are related to cheque bounce and dollar exchange, among others.
