Banking News – Questions have emerged regarding the source and collection process of the foreign currency—amounting to Rs 2.51 billion—seized from a truck in Tokha, Kathmandu, late Monday night. While preliminary reports suggest that the money was intended for purchasing gold, authorities are still investigating how such a large sum was accumulated, according to police sources.

The only individual arrested in connection with the case is Kusang Lama, who was previously convicted in a gold smuggling case. He had been arrested five years ago for smuggling seven kilograms of illegal gold and was released from Nakkhu Prison in December 2021. In the previous case, Lama was among four individuals apprehended, but the actual owner of the gold was never identified.

Police are investigating whether the massive amount of euros and dollars was collected from within Nepal or smuggled in from India. Based on their analysis, authorities suspect the money was intended for gold purchases.

“If the money was accumulated in Kathmandu, we need to determine where and how it was collected and who was involved,” said an official involved in the investigation. “We are also examining whether the funds were brought in from India or if they were proceeds from the illegal sale of gold to Indian traders.”

The foreign currency—exceeding Rs 2.5 billion—was discovered hidden inside a truck. Police reports indicate that the vehicle had been parked at a garage in Swayambhu for nearly 20 days, during which a false bottom was constructed and painted over to conceal the cash.

During his initial statement to the police, Lama claimed that he had received the truck in Thankot and was on his way to Rasuwa to collect textiles as per instructions from traders. Although the truck is registered under his mother’s name, Lama stated that his brother had purchased it for him to operate.

“We are scrutinizing Lama’s background, financial status, and network of contacts,” a senior investigator confirmed.

The case remains under active investigation as authorities attempt to trace the origins and intended use of the seized funds.