Banking News – Chitwan Police have arrested a man on charges of engaging in illegal cryptocurrency trading and online betting, as authorities continue their crackdown on unauthorized digital financial activities.

The suspect has been identified as 44-year-old Narayan Shrestha of Khole Simal, Kalika Municipality-6. He was taken into custody after police acted on a tip-off and launched a preliminary investigation.

During the investigation, police recovered a mobile phone containing the ‘MobCash’ application, allegedly used to load and withdraw funds for online betting. According to police, the app’s EPOS account held a balance of Rs. 279,000, while the total account balance stood at Rs. 1.382 million. Transaction records also showed dealings worth approximately Rs. 3.895 million over the past three months.

A second Apple smartphone seized from the suspect contained a Binance account showing transactions totaling USD 33,150.33, equivalent to around Rs. 5.098 million at the current exchange rate, police said.

Authorities have initiated legal proceedings against Shrestha under charges related to virtual currency transactions and online betting, with further investigation currently underway.