Minister of State for Finance, Udaya Shamsher Rana has said that the government investigation into the details of property owned by controversial businessman Ajeya Raj Sumargi has reached the second phase.

Addressing an interaction organised at Reporter’s Club in Kathmandu on Sunday, Minister Rana said the Finance Ministry has been trying to coordinate with international companies for the second-phase investigation into Sumargi’s property.

He said that it would not be possible to find all the details regarding the illegal transfer of funds into the country only through investigation in Nepal.  “Investigation in Nepal alone is not enough. We need to coordinate with foreign companies and banks. We have reached that phase,” said Minister Rana. “Pre-investigation has been completed. Now we are in the process of investigation.” He said that this was the first time he spoke about Sumargi’s property issue.    

Sumargi is under investigation on charges of illegal transfer of funds into country and money laundering. 

A preliminary government report had shown that Sumargi and his companies have so far received $118 million (approximately Rs12.1 billion) and 380,000 British pounds (around Rs52.6 million) from “suspicious companies” based in British Virgin Islands, Cyprus, Egypt and Belarus, shows a preliminary government report.