Unity bank accounts virtually empty , LinkToNepal

Unity bank accounts virtually empty

KATHMANDU, May 19: Initial investigations into Unity´s saga of fraud have revealed that Unity Life International (ULI) has virtually no money in the formal banking system, and this has raised fears that most of the funds it collected might have been siphoned out of the country.The company, which was engaged in illicit network marketing and raked in billions of rupees from 650,000 people to whom it sold dubious social security schemes, had savings accounts at numerous commercial banks. Butinvestigations showed that almost none of them had significant savings amounts.

“We are yet to dig out its accounts in cooperatives, but considering the massive withdrawals the company made in recent weeks, we fear the money might have been taken out of the country,” a highly-placed source told.

The investigations further showed that Unity had initially deposited Rs 800 million in Fina World Savings and Credit Cooperatives in fixed deposit. But interestingly, it had withdrawn the money, converting the account into current deposit. Currently, the cooperative has some Rs 75 million in Unity´s account, which the government has already frozen.

More surprise followed when investigators studied the company´s financial statement. “Contrary to the company´s statement that it has collected well over Rs 6 billion in cash from the local market, the total balance sheet of the company stood at a mere Rs 200 million,” said the source.

The statement neither cites the volume of assets nor liabilities. “It is very crude and does not comply with standard auditing norms,” said the source. Considering all this, the investigators have decided to drag in Unity´s auditor for further investigations.

Unity´s records that have been studied so far also showed that the company´s clients number 364,000. Company brass had been claiming that Unity has 400,000 Nepali clients and an additional 250,000 clients overseas.

“Surprisingly, the documents also showed that the company has not issued receipts to 250,000 out of the 364,000 clients it claims to have,” said the source.

Given this situation, officials concerned opined that the government can instantly charge the company with forgery and illegal mobilization of deposits.

However, because of the widespread nature of its businesses and unscrupulous operations, they have opined that the government should form a special investigation to dig out more facts for dealing with the Unity case.

Two Unity promoters remanded, others sought

Bhim Gurung and Netra Rajbanshi, the promoters of Unity Life International, were remanded by Lalitpur District Court on a fraud charge, Tuesday.

According to Superintendent of Police (SP) Bikram Thapa, chief of Metropolitan Police Range Lalitpur, the court granted an initial remand for four days following registration of a fraud case as per the ´Muluki Ain´. Gurung, the financial director, and Rajbanshi, travel director, were arrested in a raid at Unity´s head office at Jawalakhel, Lalitpur on Monday.

"This is part of the prosecution from our side and in course of investigations many other charges could be developed and lodged by other bodies of the state," said SP Thapa.

Meanwhile, police said it has geared up the hunt for other absconding promoters of thecompany. "We have kept their residences under surveillance and also raided four potential locations today alone," said SP Ramesh Kharel, chief of Metropolitan Police Range Kathmandu. "We believe they are still in the capital and could not have escaped."

Six absconding promoters were known to have left their homes after the governmentdecided to hold and interrogate them, police said. "We are focused on searching guest houses where our intelligence says they have been hiding," said a police officer involved in the investigations.

Unity bank accounts virtually empty , LinkToNepal

Unity bank accounts virtually empty , LinkToNepal

Stopping in New York, on a Nine-Year Pedal , LinkToNepal

Stopping in New York, on a Nine-Year Pedal , LinkToNepal

Even among the Nepalese –- who always seem to be attempting strenuous feats to promote world peace — a 33-year-old former teacher named Lok Bandhu Karki stands out.

Mr. Karki traveled the 53 districts of Nepal by bike for the noble mission, but then decided to extend his trip. He left Nepal on Dec. 7, 2004, and has visited 79 countries so far, traveling a distance of 90,000 miles, he estimates.

“I am riding bicycle to promote the world peace and universal brotherhood, sir,” Mr. Karki said on Thursday while wheeling his mountain bike along Second Avenue at 44th Street, near the Nepal Mission, where he is staying in New York for the next few days.

He has amassed quite a few stories. And they sound almost like scenes from cartoons.

First, the attacks — by a herd of elephants in Laos, gorillas in Uganda, robbers in Thailand and an angry mob in the Sudan (they were enraged that he was flying the flag of a dissident political faction). He said he has had 17 digital cameras and nine cellphones lost or stolen.

On and on with numbers: 23 days sleeping in the desert, and 27 nights in the forest. The man keeps a meticulous journal, not only of the misery, but also of the high points, including meeting Nelson Mandela in South Africa and Kofi Annan in Ghana.

Mr. Karki is on his fourth passport – “filled with customs stamps, sir.” – and he is on his fifth bicycle. Two were sent back to Nepal for public display, one was stolen in the Congo, and one broke down in Nicaragua.

On his current bike, he has several bags on the bike rack and three flags: the Nepalese flag, one with a peace dove and a third for the country he is visiting. He entered the United States, from Mexico, two months ago, after a jaunt through South and Central America, he said. There is also a handlebar plaque: “World Peace Tour 2004-2013 — Nepal.”

Mr. Karki rattles off the countries he has visited on his fingers, like a child’s playground chant — China, Bhutan, India, Bangladesh, Myanmar, Thailand, Malaysia, Singapore. Mr. Karki says that once he visits roughly 150, by 2013, he will call it quits.

He says he has pedaled the whole trip, except for 13 flights and 20 boat trips. The longest flight was from Senegal to Sao Paolo, Brazil, and the shortest ferry trip was from Jordan to Egypt.

He fortifies himself with vaccines and multivitamins, and he carries water purification tablets and antimalaria drugs. He rides 6 to 13 hours a day, he said, and when in the countryside, sleeps in his tent. In villages and cities, he stays with friendly people, incheap hotels or in housing provided through the Red Cross or diplomatic officials.

Mr. Karki says he has been featured in hundreds of newspaper articles and television and radio spots, and he began pulling out a huge sheaf of newspaper articles stuffed into a backpack — The Kathmandu Post, The Ghanaian Times and others.

One of 14 children growing up in Taplejung District, in Western Nepal, Mr. Karki said he lived “seven hours by walking to the city of Taplejung.”

So far, he said, the trip has cost him $55,000, which includes his life savings of $14,000, and the remainder raised mostly from aid groups, local governments he visits and Nepalese and Indian groups he meets along the way.

He says he has no bank account or credit card or Web site; he must be handed themoney in cash.

“I want you to write this, sir,” he said. “Nepalese in other country have been very generous, but in this country, they do not give.”

Surprising bluntness from Mr. Karki. “I’m sorry, but I need money to continue,” he said.

After this weekend, it is on to Boston and then Canada, and then down to the Caribbean and a flight to England.

By 2013, he figures he will have a book in him. After writing it, he said, he hopes to open a foster home.

“By then, sir, I hope we have the world peace,” he said, and began riding the wrong way on Second Avenue, bound for Central Park.

Barbara Mori and her son to hit the big screen soon!! , LinkToNepal

Barbara Mori and her son to hit the big screen soon!! , LinkToNepal

Barbara Mori and her son to hit the big screen soon!!

Barbara Mori’s 12-year-old son Sergio will soon hit the big screen in a Mexican film, with his mommy. The movie is being produced by Barbara’s production house.

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Nepali attempts to climb 7 highest peaks , LinkToNepal

Nepali attempts to climb 7 highest peaks , LinkToNepal

KATHMANDU, May 15 -- Junita Limbu, a famous Nepali female climber, isstarting her effort to climb the seven highest peaks of the seven continents from Saturday.

Addressing a press conference here, Limbu said she is starting her expedition she has named "Seven Summits" by scaling The Mt. Elbrus in Russia first. more visit http://linktonepal.com

Nepal To Benefit From 'Feed The Future Initiative' , LinkToNepal

Nepal To Benefit From 'Feed The Future Initiative' , LinkToNepal

The U.S. Embassy said that Nepal has been selected as one of 20 focus countries for President Obama's $3.5 Billion Feed the Future initiative.

Feed the Future is a comprehensive country-owned and agriculture-led approach that aims to significantly and sustainably reduce hunger and poverty in the developingworld.

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Rastrabadi Gorkha Seva Dal Proposal to UCPN Maoists in Nepal , LinkToNepal

Rastrabadi Gorkha Seva Dal Proposal to UCPN Maoists in Nepal , LinkToNepal

We at RGSD have welcomed the calling off of the political confrontations in Nepal. The Basantapur Peace Rally held last Friday; has been a historic victory for the Nepalipeople. The Gorkhali, Nepali people have once again sighed in relief and thanked the Gods and Goddesses for bringing .. more click on link