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Sixteen Nepali Multi-Millionaires in the Pandora Papers 2021

16 Nepali Multi-Millionaires in the Pandora Papers 2021

The name of many current and former national leaders along with 16 Nepali multi-millionaires in the Pandora papers are out this month. They were involved in various businesses in Nepal. Among 16 Nepal’s richest men, Binod Chaudhary’s name has also been involved in it.

The Pandora Papers, the world’s most significant data breach, had entangled them. Their typically confidential offshore tax haven operations became public suddenly, capturing international news headlines for days. Keep reading to find out the other 16 Nepali multi-millionaires in Pandora papers 2021.

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Finding on Pandora paper

The International Consortium of Investigative Journalists (ICIJ) conducted a worldwide inquiry into the use of offshore accounts for laundering money by well-known political and corporate personalities. The names of Nepal’s wealthiest man and many other notable industrialists in the country are among the profiles revealed in the most recent revelations.

Further investigation on Pandora paper by Nepali journalist team Krishna Acharya and Ramu Sapkota clearly shows Nepali companies had registered entities in British Virgin Island (BVI). The lands were in the families or relatives names. Similarly, they used to move money from here and invest overseas without any permission. To date, they were doing so without any suspicion.

Nepali Multi-Millionaires in the Pandora Paper

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Name of 16 Nepali multi-millionaires in the Pandora papers

Chaudhary Group family members

Among several Nepali multi-millionaires in Pandora papers, Binod Chaudhary’s is one. He is the multi-billionaire richest man of Nepal. Among the world’s richest, Binod came at 2,141st position by Forbes in 2018. But, the leaked paper revealed that he had purchased companies in BVI in his wife Sarika Devi Chaudhary and son’s name.

Nepal's richest man Binod Chaudhary in Pandora Paper
Nepal’s richest man Binod Chaudhary in Pandora Paper

Moreover, leaks provided to the Centre for Investigative Journalism Nepal (CIJ Nepal) show many companies are registered in Singapore too. Some of his  companies overseas  are Cinnovation Incorporated, Sensei Capital Partners Inc, CG Hotels and Resorts Limited, and CG Hospitality Holdings Global Pvt. Ltd. He was holding all these investments abroad without getting permission from the government.

Therefore, among 16 Nepali multi-millionaires in Pandora papers, five are from the family of Chaudhary Group:

  1. Binod Chaudhary,
  2. Binod Chaudhary’s wife – Sarika Devi Chaudhary
  3. Nirvana Chaudhary(son)
  4. Varun Chaudhary(son)
  5. Rahul Chaudhary(son)

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Golchha organizations

Like CG groups, Golchha is another big name in the business industry in Nepal. The founder of the Golchha organization, Lokmanya Golchha, and his two brothers’ names were also in the Pandora paper. They together have unauthorized and illegal companies in BVI.

Lokmanya Golchha
Lokmanya Golchha

So, here are three members from the Golchha family in the Pandora paper:

  1. Lokmanya Golchha,
  2. Chandra Kumar Golchha,
  3. Hitesh Golchha,

Besides, CG and Golchha group many other Nepali multi-millionaires in Pandora papers which are also famous businessmen operating companies overseas without permission are:

  1. Rajendra Shakya, Guna Groups
  2. Suhrid Raj Ghimire, Kia dealer in Nepal,
  3. Purushottam Paudyal, Ghimire’s business partner
  4. Sudhir Mittal, Shree Airlines
  5. Radhe Shyam Saraf, Hotel Yak & Yeti
  6. Ajeya Raj Sumargi
  7. Sumargi’s relative- Arjun Prasad Sharma
  8. Kishor Rana

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Summing all up,

The main reason behind the involvement of prominent personalities in unlawful offshore companies is political connections. Also, the silence of regulatory bodies has encouraged the investment of Nepalese in tax haven countries. And, the name of Nepali multi-millionaire in Pandora paper is the result of that silence from years.

If no strict laws abide by such activities, there will be more names in such papers soon. Due to such offshore business activities, the Nepal government is losing tax resources, thus hindering in developmental activities of the nation. People involved in the shadow economy are reaping plenty of money while the poor are becoming poorer. Therefore, national poverty and inequality will also rise drastically if politicians and law firms shut their mouths like this.

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