Oct 29, Kathmandu - Police have arrested a 28-year-old man accused of conducting illegal cryptocurrency transactions and online betting worth more than NPR 2 billion.

The suspect, Sunil Kumar Yadav of Sabaila Municipality-12 in Dhanusha, was arrested following a tip-off that he was using the Binance app to facilitate large-scale crypto trading and online betting, the Kathmandu Valley Crime Investigation Office in Teku said.

Police surveillance and technical analysis found that Yadav had conducted transactions worth US$26,991,388 through his Binance account. At an exchange rate of NPR 151.53 per US dollar, the amount equals approximately NPR 2.16 billion.

Yadav was arrested in coordination with the Dhanusha District Police Office and brought to Kathmandu for further proceedings. He faces charges under the National Penal Code, 2017, including provisions prohibiting gambling and betting, and the use of virtual currency.

Police Superintendent Rameshwar Karki, the office’s information officer, said Thursday that the Kathmandu District Court in Babarmahal had granted an extension of the investigation deadline as police continue their inquiry.