A global investigation by the International Consortium of Investigative Journalists (ICIJ) has revealed that Nepalese tycoon Binod Chaudhary violated the laws by having investments abroad and setting up shell companies in tax havens like the British Virgin Islands (BVI).
According to the Pandora Papers, he has some companies in the BVI in the names of his wife and three sons, Nirvana, Varun, and Rahul.
The companies are - Cinnovation Incorporated, CG Hotels and Resorts Limited and Sensei Capital Partners Inc.
The Pandora Papers has minute details of company correspondence, share and money transfers and other transactions between Chaudhary family members and partners. Some of the names mentioned are Pakistani, Singaporean, Sri Lankan and Bangladeshi.
Bangladeshi businessman Abdul Awal Mintoo is involved with Cinnovation Incorporated, reports Nepali Times.
However, the report did not disclose details about Mintoo's involvement with the company.
The Business Standard could not reach Abdul Awal Mintoo despite several attempts made over phone for his comment in this connection.
In a response to CIJ's query, Binod Chaudhary's son Rahul said his group had not violated any Nepali or international laws, including those governing foreign investment.
"CG and its group of companies are in partnership with some of the most respected, reputed and leading multinationals globally, information of which is readily available in the public domain," he added. "We do not wish to comment on allegations against our business partners."
When CIJ showed Nepal's former finance secretary Rameshore Khanal the leaked documents, he said Chaudhary had clearly misused the system because the law does not allow a Nepali citizen to take money out of the country as Chaudhary appears to have done. He and two of his relatives named in the leaks are Nepalis citizens.
BNP Vice-Chairman Abdul Awal Mintoo earlier emerged as the most notable name from Bangladesh in the Paradise Papers, which exposed politicians, multinationals, celebrities and high-net-worth individuals using complex structures to protect their cash from higher taxes.
Mintoo, his wife and three sons' names appeared in the Paradise Papers in relation to their interests in NFM Energy Ltd. The company was set up in August 1999 with its corporate address matching that of Mintoo's Multimode Group in Dhaka, but it was registered in Bermuda.
In February this year, Bangladesh's High Court sought a list of people who have laundered money from Bangladesh.
It also asked the authorities concerned to inform the court about steps taken to bring back the laundered money.
The Anti-Corruption Commission lawyer Khurshid told the court the authorities concerned are investigating the people whose names appeared in Panama and Paradise papers.
Abdul Awal Mintoo and Moosa Bin Shamsher are among these people, he said.