CIB Takes Custody of Auction Documents from Former Smart Telecom Equipment

The Central Investigation Bureau (CIB) of the police has taken custody of the auction documents related to the equipment from the former Smart Telecom. According to sources, Ncell provided the auction documents to the CIB upon their request. Jyotiprakash Pandey, CEO of Nepal Investment Mega Bank, has been taken into custody since Wednesday in connection with the equipment auction dispute. Kathmandu, 31st Baisakh.

The CIB has seized documents related to the auctioned equipment formerly owned by the telecom company Smart Telecom. The CIB had sent a letter to Ncell, which had purchased the auctioned equipment, demanding the relevant documents. In response, Ncell provided the requested documentation, according to sources. “As a responsible corporate entity, Ncell submitted the auction documents as per the CIB’s request,” a source said, “This will assist the ongoing police investigation.”

The police have detained Jyotiprakash Pandey, CEO of Nepal Investment Mega Bank, from Wednesday onwards concerning the auction of Smart Telecom’s equipment. When Smart Telecom failed to repay a loan of NPR 460 crore from the bank, the bank attempted to recover the debt by auctioning the equipment. The equipment was officially purchased by Ncell through this auction process. Police are currently investigating Pandey and have taken the auction sale related documents from Ncell as part of the inquiry.