Police shut down Dubai Property Show in Kathmandu

On Sunday, police raided the property fair being organized at Soaltee Hotel, and seized passports of five Indians.

NL Today

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Kathmandu: Police have shut down the Dubai Property Show at the Soaltee Hotel in Kathmandu on Sunday as it is illegal for Nepali citizens to invest in properties abroad. 

Five Indian nationals had their passports confiscated during the raid. The fair, which was scheduled to take place over two days, was organized without approval from the government and the organizer was involved in financial transactions in Nepal, according to Senior Superintendent of Police Dan Bahadur Karki, the chief of Kathmandu Police. 

[Related: Crackdown on Dubai Property Show: A case that exposes Nepal’s massive capital flight situation]

The Nepal Rastra Bank, the country’s central bank, had previously issued a notice warning people not to participate in such deals.