Along with the surge in internet users, unlawful digital activities are also on the rise in Nepal. Businesses that are illegal under the law, such as betting, gambling, and Internet casinos, are thriving. Furthermore, the government’s and administration’s disinterest has fostered these operations.
It has been discovered that internet casinos, as well as betting and gambling, have begun to develop in recent times. A firm called ‘Rupee Bet’ is now operating an illegal online casino in Nepal.
According to Nepal Press, Rupee Bet conducts business through digital wallets and big banks via ‘Peer to Peer’ transfers via ‘Local Payment Agent.’
“Rupee Bet has been operating online casinos in Nepal since 2016,” according to the insider, “but there are only a few users.” This information was also just recently made public after other similar companies began openly advertising.”
For Nepali people, casino gaming and betting are completely illegal. However, because to the regulatory body’s apathy toward internet use and activities, the restriction has been limited to paper. According to sources, it would be difficult to determine the purpose for which the money was traded because it was easy to deposit and withdraw funds via P2P.
“Many corporations have agents in Nepal, and they conduct financial transactions utilizing digital wallets available in Nepal,” according to the source. “Agents have already given money to the company using Hundi, and they deposit/withdraw the identical amount.”
It is evident from this that, like internet betting enterprises in Nepal, ‘Rupee Online Casino’ is sending millions of rupees out of the country every day.
Utilization of eSewa, Kumari Bank, Laxmi Bank, and Sunrise Bank
Rupee Bet, which has been operating an illegal casino in Nepal for over five years, was discovered to be using Nepal’s own digital wallets and banks. The company, which operates an online casino, does business by including e-Sewa, Kumari Bank, Lakshmi Bank, and Sunrise Bank in its payment platform sector on its website for local payments.
INR deposit of Nepali currency
Despite the fact that Rupee Bet conducts business through Nepalese banks and considers Nepal to be its market, it trades in Indian Rupees in casinos and online gaming. Even if money is transferred to the agent in Nepali currency from Nepal, INR is placed in their ‘Rupee Bet’ gaming account and online casinos and online games are played through this.
Peer-to-peer (P2P) transactions
Rupee Bet, which has been operating illegally in Nepal for the past five years, appears to be making deposits and withdrawals over P2P to avoid the attention of concerned authorities. “Agents conduct business through local payment systems — e-services and banks,” the source claimed, adding that “stakeholders are unaware of the transaction’s purpose.”
Users are notified that the amount will be put in the player-gaming account and that the service will be available 24 hours a day after uploading a photo of the voucher and putting money in the banks available on the platform of the ‘Rupee Bet’ website.
Rastra Bank is completely unaware of this unlawful trading.
According to NRB spokesperson Dev Kumar Dhakal, the NRB is unaware of the illicit activity taking place in Rupee Bet. “If there is any unusual transaction from someone’s account, the responsible bank and service provider should notify the NRB,” Dhakal said to Nepal Press. “Transactions cannot be conducted through any platform for activities or purposes that are banned by law.”