The Department of Revenue Investigation (DRI) has taken forward the process of investigating Nanda Kishor Rathi in a case pertaining to deflection of foreign currency without importing the goods specified when opening a letter of credit (LC) of $157,500 two years and nine months ago, RSS said.

Rathi, proprietor of Kamal Kishor and Brothers Company of Biratnagar Sub Metropolis ward No.12, had been released on bail after he deposited a sum of Rs.24,755,850 inclusive of fines as demanded by the Department.

The Company had opened the LC Account at the then Grindlays Bank (now Standard Chartered) on 24 March 2000 for importing copper scrap from C.M.M. International of Britain. But it did not import the specified material and has resorted to deflection of the foreign currency, which came to light during the course of the investigations by the Department.

The department has initiated a probe into the case that involves the misappropriation of foreign currency equivalent to four billion rupees through the opening of LC some seven years back.