Last Updated on August 13, 2026
A case has been filed at the Kathmandu District Court against 22 individuals over their alleged irregularities in the auction of Smart Telecom’s assets and related financial transactions. The prosecution has demanded Rs 96.12 billion in damages.
The District Government Attorney’s Office, Kathmandu, registered the charge sheet at the Kathmandu District Court on August 12, 2026, Wednesday. The charge sheet is based on an investigation conducted by the Central Investigation Bureau (CIB) of Nepal Police.
The CIB conducted the investigation for about three months and submitted its investigation report to the government attorney’s office last Friday.
After Smart failed to pay its dues, NTA revoced Smart Telecom’s license in 2023. As per the Telco Act, 2053, after its license revocation, its assets come under the ownership of NTA which oversees its asset management.
Smart Telecom Asset Auction Case
Smart Telecom, Ncell and NIMB named in case
The charge sheet in the Smart Telecom asset auction case names Smart Telecom, Ncell, Nepal Investment Mega Bank (NIMB) and officials associated with various companies as defendants.
The defendants have been charged under laws relating to criminal breach of trust and fraud, organized crime, and banking and financial institutions.
Among those named in the case are Ncell chairman Satish Lal Acharya and board member Sachin Lal Acharya and seven foreign nationals.
Similarly, Nepal Investment Mega Bank Chairman Prithvi Bahadur Pandey and CEO Jyoti Prakash Pandey, along with eight other individuals associated with the bank, have also been made defendants.
Smart Telecom assets auctioned to Ncell
It’s said that Smart Telecom had used its assets as collateral to get a loan from Nepal Investment Mega Bank. When the company failed to repay the loan, the bank auctioned the assets, which had come under government ownership. It’s said that the assets were then transferred to Ncell.
The investigation focused on the circumstances surrounding the auction. It also focused on the role played by bank officials and other parties in the auction process.
The case also names former Nepal Telecommunications Authority (NTA) Chairman Bhupendra Bhandari, Smart Telecom Chairman Sarvesh Joshi, and individuals associated with three other companies that participated in the auction process.
The charge sheet holds that former NTA Chairman Bhandari allegedly failed to take steps to protect Smart Telecom’s assets after they came under government ownership.
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Rs 87 billion claim in Smart Tel asset auction case
The prosecution has sought approximately Rs 87 billion in damages. Similarly, the prosecutors are seeking around Rs 9 billion in damages from Smart Telecom, Nepal Investment Mega Bank, their officials, and other defendants, including Bhandari and Joshi.
Several arrested already
The police have already arrested various figures named in the case. These include the likes of NIMB CEO Jyoti Prakash Pandey, former NTA Chairman Bhupendra Bhandari, Smart Telecom Chairman Sarvesh Joshi, as well as Palina Shrestha and Narendra Ulak.
At the time of writing this post, Bhandari remains in police custody. Meanwhile, Jyoti Prakash Pandey and Sarvesh Joshi were released after a Supreme Court order. Shrestha and Ulak were released by police on appearance bail.
