Nepal’s Indian casino king in trouble

Nepal’s casino industry, which is battling tax evasion charges, got another bad news on Tuesday with threat of licences getting cancelled. Utpal Parashar reports.

Updated on: Dec 29, 2010, 23:34:54 IST

Hindustan Times | By Utpal Parashar, KATHMANDU

Prefer HTon Google

Share via

Copy link

Nepal’s casino industry, which is battling tax evasion charges, got another bad news on Tuesday with threat of licences getting cancelled. The public accounts committee of parliament directed the government to recover tax worth NRs 193 million ($2.63 million) from five operators within a month or cancel their licences.

Five casinos run in five-star hotels in Kathmandu and Pokhara have been under scanner for some time now for evading payment of taxes.

The development comes as further setback to Rakesh Wadhwa, a 53-year-old from New Delhi, dubbed as the Casino King of Nepal. Wadhwa, who started as a chartered accountant for a five star hotel in Kathmandu in the 80s is credited with building the casino industry in Nepal to a billion rupee business employing over 7,000 persons.

Till three years back, he was controlling seven casinos in Nepal, after dethroning his mentor Richard Tuttle, a US citizen who first employed Wadhwa as a manager. But things started looking bad after Raj Bahadur Singh, the son-in-law of Nepal’s last king Gyanendra Shah, took control of Casino Royale, one of Wadhwa’s prime earners.

Soon charges of tax evasion surfaced and he lost another casino. At present he owns four casinos—two of which are under scanner for tax evasion—and has an estimated turnover of NRs 2 billion annually.

According to the police, Wadhwa, who is facing an arrest warrant, has fled the country. He was also absent from the launch ceremony of his novel released by Rupa last month.

ABOUT THE AUTHOR
Utpal Parashar
A seasoned senior journalist, I have nearly three decades of experience across print, digital, and online platforms, covering political transitions, insurgencies, environmental issues, and development stories in India and Nepal. I am skilled in breaking news, leading editorial teams and launch of newspaper editions. I am adept at leveraging digital trends and social media to expand global reach, with a strong ethical foundation and a reputation for impactful journalism. An alumnus of Asian College of Journalism, I joined Hindustan Times in New Delhi as a trainee reporter in May 1997. Over the years, I have been posted in Dehradun, Kathmandu (Nepal) and Guwahati. Currently, as Senior Assistant Editor at Hindustan Times, I lead a team reporting on India’s northeastern states. My work involves in-depth analysis, and engaging multimedia storytelling across formats, including text, photo, video, and interactive content. I am skilled in producing timely, shareable content, leveraging digital platforms and social media to engage global audiences. Throughout my career with the Hindustan Times, I have led diverse editorial teams, designed capacity-building activities, and supported reporters in developing strong story ideas, ethical reporting practices, digital skills, and fact-checking techniques. As Senior Assistant Editor for Northeast India, I have been responsible for guiding correspondents through complex political, humanitarian, and community-level stories using multimedia formats. Earlier, as Foreign Correspondent in Nepal, I produced extensive reporting during Nepal’s democratic transition and the 2015 earthquake and its aftermath.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator