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On 25 Dec 2021, Baburam Kandel from Butwal joined HyperFund, an online networking business, on the recommendation of a friend from his village. Without much thought, he embraced the digital business, expecting significant profits. Initially, Kandel invested $1,000 (equivalent to Rs 135,161.80 at the current exchange rate), but within four months, he was drawn deeper into the scheme.

At first, Kandel received some returns, which encouraged him to invest more. Frequent Zoom meetings were held by the people involved in the scheme, promising higher returns for more investments. Kandel, now 40, ended up investing around $10,000 (equivalent to Rs 1,35m). Initially enticed by the potential gains, he ultimately lost his savings to the scam and deceived his downline members as well.

Kandel reports that similar scammers are now operating under different names such as ‘SBG Global,’ MMIT, V-TABS, V-LIFE, and more. Currently living in the Maldives, Kandel shared in a virtual conversation with RSS that many victims hesitate to come forward due to fear of police action for their involvement in the scam.

Ranjana Shrestha, a Nepali nurse living in the UK for over 18 years, faced severe economic, mental, and social setbacks after losing millions of rupees. Persuaded by a friend of her spouse on August 5, 2021, she invested in the fund, believing in its legitimacy. Unaware of the scam, she also convinced her family members in Nepal and several colleagues to invest, thanks to her reputable standing.

Although reassured by the website’s apparent stability, neither she nor her downline members could withdraw their investments. Ranjana expressed her hope that Nepal Police would help recover their funds. She emphasized that while the financial loss is quantifiable, the emotional, psychological, and social impacts are immeasurable. Ranjana and her spouse regularly meet with other victims, seeking justice and raising awareness to prevent others from falling into similar traps.

DB Thapa, who worked in the civil engineering department for an airport in Dubai for 20 years, recently filed a complaint with the Central Investigation Bureau (CIB) against HyperFund operators after losing Rs 1.95m, including his family members' investments. Thapa joined the scheme in August 2021 and realized it was a scam in April 2022 when he faced obstacles in withdrawing funds. He accused Nepali nationals Devi Pokhrel (aka Roshan Pokhrel) and Lalit Kumar Neupane of masterminding the scam. Thapa estimated that Nepalis globally have lost over Rs 700bn, leading to significant mental, social, and economic distress among the victims.

Victims of HyperFund regularly meet through Zoom to share their experiences and support each other, determined to raise public awareness about the scam. Kandel emphasized the need for cooperation from the Nepal Police and Nepali media to achieve justice and urged authorities to investigate potential illegal transactions.

Superintendent of Police Hobindra Bogati, spokesperson for the CIB of Nepal Police, reported that they have arrested Nanu Ghimire (aka Kajal) from Lalitpur, accused of orchestrating the fraud. The scammers lured victims through Zoom meetings, promising returns of over Rs 300,000 ($3,000) for a $1,000 investment, using blockchain technology to facilitate the fraud. The CIB has received complaints from 56 people, amounting to over $79.05m. Bogati urged victims to lodge complaints via the official CIB website, assuring that they will not be treated as defendants despite the illegal nature of the business.

The Nepal Rastra Bank, the central bank regulator, has declared all virtual currencies, cryptocurrencies (including stablecoins), network marketing, and HyperFund illegal in Nepal. Any involvement in such activities, including transactions, investments, and mining, is subject to legal action.

RSS

Nepali Congress Chief Whip Ramesh Lekhak has demanded Prime Minister Pushpa Kamal Dahal to brief the House about his recent India visit.

Speaking in an emergency hour of today's meeting of the House of Representatives (HoR), Chief Whip Lekhak shared that the Prime Minister should inform the House while embarking to any friendly nation in the parliamentary practice

"The Prime Minister embarked on a two-day India visit on June 9. He has not yet briefed the House about his visit even though five days passed. As the leader of the opposition, I had to remind the Prime Minister that he is the leader of the House," he said.

Prime Minister Dahal had embarked on a two-day India visit on June 9 to attend the swearing -in ceremony of Prime Minister Narendra Modi for third tenure. 

Stating that President Ram Chandra Paudel had left for Switzerland on June 11 to participate in the 112th session of the International Labor Conference, NC leader Lekhak explained that it is not good for the House to get information about the visit of the President and Prime Minister by reading the newspaper.

He underlined that not only the Head of the State and Prime Minister, but there is a practice in some of the countries that ministers also go in foreign visits informing the House when the House is in session.

Prime Minister Pushpa Kamal Dahal inaugurated the 400-KV Hetauda sub-station amidst a program organized by Nepal Electricity Authority (NEA) in Hetauda today.

The sub-station is located at Thana Bharyang of Hetuda Sub-Metropolitan City- 11 in Makawanpur district. It is the third largest automatic sub-station in the country based on Gas Insulated System (GIS) and was brought into operation (charge) last Friday.

Along with this, two other sub-stations of 220 KV capacity and 132/11 KV capacity have been constructed at Thana Bharyang itself by Nepal-India Electricity Transmission and Trade Project and they have been charged also since last Friday.

The GIS technology based automatic Dhalkebar sub-station is the first largest such sub-station of the country while the Inaruwa sub-station is the second largest and the Hetauda sub-station the third largest ones. These structures have been constructed to make the east-west power supply reliable and of quality within the country and to facilitate power trade with India.

With the construction of the sub-station at Hetauda, infrastructures capable of transmitting around 4,000 megawatts of electricity have been readied. It is expected that domestic electricity supply would be further strengthened and the electricity trade with India would be expanded, as 4,000 megawatts power can be transmitted east-west from Dhalkebar with the completion of the construction of the Hetauda-Dhalkebar-Inaruwa 400-KV transmission line.

A double-circuit transmission line of 400-KV capacity that would be constructed from Ratmate of Nuwakot through the US assistance Millennium Challenge Corporation (MCC) would be connected to Hetauda substation. The required infrastructures have been built at Hetauda substation for this purpose.

The Hetauda, Dhalkebar and Inaruwa 400-kV substation expansion project had been started through the joint investment of the Government of Nepal and NEA under the National Electricity Development Decade program. All the three substations under the Project have been constructed.

The contract agreement for the construction of the 220/132/11- KV Hetauda substation was signed in December 2018. It is constructed by Nepal-India Electricity Transmission and Trade Project with government and NEA investment and soft loan from the World Bank. The estimated cost of the 400, 200 and 132 kV Hetauda substation is Rs 3 billion.

The Department of Hydrology and Meteorology has asked the people in central and western Tarai to adopt precautions as the regions are likely to witness excessive heat in the coming three days.

Issuing a special bulletin on Thursday evening, the Department has warned people in Kanchanpur, Kailali, Bardiya, Banke and Dang districts to remain cautious stating that there is a possibility of a heat wave.

The districts in Tarai region have experienced more than 40 degree Celsius in maximum temperature for the past couple of days.

Dear Readers,

Greetings from Kathmandu!

This week, Nepal’s media focused on the Indian Lok Sabha elections and their regional implications. Following Narendra Modi’s historic re-election as India’s Prime Minister for a third term, ApEx published two analytical pieces. The first covered the election outcomes and Nepal-India relations, while the second examined the challenges Modi might face with his neighborhood policy during his third term. The diplomatic and strategy communities in Kathmandu are still analyzing these developments, but India’s policy toward Nepal is expected to see both continuity and change. There are also rumors that Modi may soon visit Nepal.

Another major story this week involved the arrest of two Nepali nationals by Tibetan officials in Gorkha. Neither the Nepali nor Chinese governments have provided information on the matter. Some media outlets suggested the arrests were related to support for Tibetan refugees fleeing Nepal, but this has not been independently verified. We have called on the government to address this issue immediately.

President Ram Chandra Poudel is currently touring Switzerland and Germany. In Switzerland, he delivered a keynote address at the high-level event of the Forum of Global Coalition for Social Justice in Geneva.  Additionally, Bangladesh’s Cabinet Committee on Government Purchase approved a proposal to import 40 MW of electricity from Nepal, with India agreeing to facilitate the sale.

On the domestic front, Home Minister Rabi Lamichhane remains in the spotlight due to allegations of embezzling cooperative funds. The Supreme Court is currently reviewing a case to dismiss Lamichhane, and all eyes are on the court as it demands evidence regarding his involvement. Lamichhane, who was outspoken just a few weeks ago, is now cautious in his public statements.

Temperatures across Nepal continue to rise, affecting daily life. Some schools have closed to protect students from heat waves. But with the arrival of monsoon three days ahead of schedule, meteorologists expect cooler conditions in the days to come.

Gandaki Province Chief Minister Surendra Pandey from the Nepali Congress secured a vote of confidence after lawmaker Phanindra Devkota defied his party’s orders and supported Pandey. The Supreme Court is also hearing cases related to government formation in Koshi Province. In the Sudurpaschim Province, intra-party disputes within the Maoist party are disrupting the government’s functioning. Overall, provincial governments are nearly defunct, with the Supreme Court holding significant power over their formation and dismissal. It is clear that provincial governments are even more unstable than the federal government.

The controversy over Giri Bandhu Tea Estate continues to make headlines. The Nepali Congress and other parties are criticizing CPN-UML Chair KP Sharma Oli, whose government in 2021 amended the Land Act enabling the tea estate to exchange around 280 bighas of land, situated at prime location in Birtamod, Jhapa. Oli has defended the controversial amendment that has been overturned by the Supreme Court. This week, the UML chair also defended his 2020 decision to dissolve the parliament, stating that there was nothing unconstitutional or undemocratic about seeking a fresh mandate when the leaders from within the governing party were refusing to work in favor of the people.   

The Janata Samajbadi Party led by Upendra Yadav held its first-ever general convention but failed to elect office-bearers due to internal controversies. Recently, Yadav’s party split, with seven members forming a separate party. Yadav has sought the court’s intervention to deem the split illegitimate. Meanwhile, the main opposition CPN-UML is holding district conventions, having completed them in more than 64 districts. This week, Oli stated that his decision to dissolve the parliament in 2020 was to protect the UML.

If you want to publish your stories, articles and columns, or offer feedback and suggestions, mail me @[email protected] or [email protected]. I have started this informal and conversational-style column to provide your updates on national and international events. Happy weekend! 

Kamal Dev Bhattarai 

Editor, The Annapurna Express

The construction of the Hetauda-Dhalkebar-Inaruwa 400 KV transmission line has been completed.

Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the Hetauda sub-station of the transmission line project at Thanabharyang in Hetauda Sub-Metropolitan City-11, Makawanpur, this afternoon, Substation Project Chief Shukraraj Devkota said.

The transmission line is expected to strengthen and ensure a reliable power transmission system in the country and facilitate the undisrupted energy trade between Nepal and India.

With the completion of 154 kilometers long double circuit power grid of 400 kilovolts, as high as 4000 megawatts of power could be supplied through this line, officials said.

Four members of a family died in a landslide at Khojinim Village in Phaktanglung Rural Municipality-2 of Taplejung district last night. Two other members were injured.

Chairman of Phaktanglung Rural Municipality-2, Bhpendra Chaulagain, said that 69-year-old Ram Bahadur Limbu, his spouse Jasmaya Limbu and their daughters Ganga and Jamuna died in the disaster.

Likewise, 40-year-old Yugen Limbu and three years old daughter sustained injuries.

 The area in the district has received heavy rainfall from Wednesday night causing a huge loss of physical property as well.

At least six bridges in Phaktanglung Rural Municipality were washed away after the floods in different rivers. The District Police Office said that vehicular movement was disrupted in the rural areas after bridges collapsed.

The Cabinet Committee on Government Purchase of Bangladesh has approved a proposal to import 40 MW of hydropower from Nepal.  Bangladeshi officials say the two countries are likely to sign the final agreement on energy trade during their Prime Minister Sheikh Hasina’s visit to Nepal. This marks a stepping stone toward unlocking the vast potential for energy cooperation between the two South Asian nations.

While Nepal, as per a study conducted decades ago, has hydropower potential of over 80,000 MW, generation of about 42,000 MW is considered economically viable. However, only a fraction of this potential has been harnessed so far. By tapping into this renewable energy source, Nepal can not only meet its domestic energy demands but also become the largest exporters of clean energy in the region. Bangladesh is grappling with a growing energy demand, thanks to its burgeoning economy and rapid urbanization. Import of hydropower from Nepal presents a win-win solution for both countries. While it opens up new avenues for revenue generation for Nepal, contributing to economic growth and narrowing down its trade, Bangladesh can diversify its energy mix, reduce its reliance on fossil fuels and mitigate the environmental impact of its energy consumption. Bangladesh currently imports 2,600 MW from India, including 1,500 MW from Adani Group’s coal-fired plant in Jharkhand.

While the quantum of import is small, it paves the way for larger and more ambitious energy trade agreements between the two South Asian neighbors. Bangladesh has shown interest to develop a hydropower project of around 500 MW in Nepal. Talks are underway to jointly develop the Sunkoshi-3 hydropower project (683 MW) in Kavre by also involving India. The fifth meeting of the secretary-level Joint Steering Committee on energy cooperation between Nepal and Bangladesh held last year decided that the NEA and Bangladesh Power Development Board (BPDB) would sign a joint venture agreement within the next six months to develop the project. There, however, has been no further development in this direction.

To fully capitalize on this opportunity, Nepal must address the infrastructural and regulatory challenges that have hindered the development of the hydropower sector. India's support is crucial in facilitating electricity transmission as Nepal and Bangladesh are not connected by land. Collaboration among these three nations could unlock the true potential of cross-border energy trade, thereby fostering economic growth and regional integration.