Two Indian Nationals Arrested in Krishnanagar for Illegal Cryptocurrency Trading

Nepal Police arrested two Indian citizens in Krishnanagar on charges of engaging in illegal cryptocurrency transactions. Acting on a specific tip, a team from the Krishnanagar Area Police Office conducted a raid at the Humble Hotel located near the Krishnanagar bus park. The suspects were reportedly conducting digital currency trades from their hotel room at the time of the intervention.

The individuals in custody have been identified as 21-year-old Sunil Kumar Singh, a resident of Mumbai, Maharashtra, and 24-year-old Ujjwal Singh from Lucknow, Uttar Pradesh. According to District Police Spokesperson DSP Ripendra Kumar Singh, authorities seized four mobile phones along with digital evidence related to the prohibited financial activities. Under current Nepali law, the trading and exchange of cryptocurrency are strictly prohibited.

Following the arrest, the suspects were presented before the District Court on Wednesday. The court has granted a five-day remand to allow the police to conduct a thorough investigation into the scale of their operations and potential local connections. The police are currently analyzing the recovered electronic devices to gather further evidence of digital currency offenses.

This operation reflects ongoing efforts by Nepali law enforcement to curb the use of digital assets, which the central bank maintains can facilitate capital flight and financial instability. The investigation continues as authorities determine if other individuals were involved in this specific trading ring.