The Central Investigation Bureau has arrested a man on the charge of his involvement in hundi transactions and online betting.

Hundi is an informal/illegal form of remittance made through illegal channels.

The CIB team raided the house of Rupesh Shrestha at 1pm on Wednesday and arrested him for investigation. Police said they found Shrestha’s involvement in illegal transfers of money and online betting as they checked his mobile.

Shrestha was also involved in trading cryptocurrency and foreign currencies, police said, adding they recovered Rs8.9 million and $7,026 from his possession.

Nepal Rastra Bank, the central bank of the country, has defined trading of cryptocurrency including bitcoin as illegal.