Banking News – Nepal Police conducted a raid at the residence of Beni Gopal Mundada, the uncle of industrialist Prakash Mundada, a central executive member of the Confederation of Nepalese Industries (CNI) and former president of the Morang Trade Association, following a tip-off regarding alleged illegal goods.

According to Morang District Police Office Chief SP Kabit Katuwal, the search was carried out based on specific intelligence. However, police found no illegal items during the search of the residence.

Police spokesperson DSP Makendra Kumar Mishra said officers from the Morang District Police Office conducted the raid after receiving information alleging the presence of unlawful materials. A lawful search was completed, but the information could not be substantiated, and the police team subsequently left the premises.

The Devenara Group, with which the Mundada family is associated, is one of Nepal’s leading industrial conglomerates and is widely recognized as the country’s largest silver processing and manufacturing group. The group is jointly owned by four brothers—Devkisan Mundada, Beni Gopal Mundada, Narendra Mundada, and Rajendra Mundada.

The conglomerate operates several businesses, including JJ Jewellers (silver jewelry), Baba Oil Refinery, High Life Footwear, Baba Jute Mill, and manufacturing units producing soap, incense sticks, and detergents.

The raid comes amid increased scrutiny of Nepal’s business sector by law enforcement and investigative agencies. In recent months, the Department of Money Laundering Investigation (DMLI) has conducted searches at the residences and offices of several prominent business figures, including businessman Deepak Bhatta, Sulav Agrawal, Chairman of Jagdamba Holdings under the Shanker Group, and the offices of Himalayan Reinsurance.

Authorities have also taken action against several other businesspersons in separate investigations. These include the arrest of Vijay Shrestha, operator of Omkar Oil Industries Pvt. Ltd., over allegations of selling underweight edible oil; contractors Ramesh Sharma and Pitambar Badu for allegedly failing to complete government contracts on time; businessman Nabin Kumar Agrawal on charges related to forged documents; and Shekhar Golchha, former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), in connection with alleged irregularities involving the stock market and insurance sector.

Police investigations into these separate cases are ongoing.