KATHMANDU: On December 25, 2021, Baburam Kandel from Butwal, enticed by a friend's recommendation, ventured into HyperFund, an online networking business, with hopes of financial gain. Initially investing $1,000 USD (equivalent to approximately Rs. 135,161.80), he quickly became more deeply involved, drawn by early returns that fueled his enthusiasm. Within four months, Kandel escalated his personal investment to $10,000 USD (about Rs. 1,351,618.00), encouraged by promises of greater returns through frequent Zoom meetings orchestrated by the scheme's operators.

However, Kandel's optimism soon turned to dismay as withdrawals became increasingly difficult, revealing the fraudulent nature of HyperFund. This realization left him and numerous others, including his downline members, reeling from substantial financial losses. Kandel highlighted that similar schemes like 'SBG Global', MMIT, V-TABS, and V-LIFE are now proliferating, targeting unsuspecting victims with similar promises of lucrative returns.

Ranjana Shrestha, a Nepali nurse based in the UK for over 18 years, also fell victim to HyperFund. Introduced to the scheme by a trusted acquaintance in August 2021, she convinced family members, friends, and colleagues to invest substantial sums. Despite reassurances from the platform's website, no withdrawals materialized, leaving Shrestha and her downlines devastated financially and emotionally.

DB Thapa, a former civil engineer with 20 years of experience in Dubai, echoed similar sentiments after losing Rs. 1.95 million, including family funds, to HyperFund. He and other victims have since banded together, sharing their experiences through regular Zoom meetings to raise awareness and seek justice.

The Central Investigation Bureau (CIB) of Nepal Police has taken action against the perpetrators, apprehending Nanu Ghimire alias Kajal from Lalitpur. Superintendent of Police Hobindra Bogati from CIB emphasized that complaints totaling $79.05 million USD have been lodged against HyperFund. He urged victims to file complaints through the official CIB website to facilitate legal proceedings.

Despite the allure of quick profits, HyperFund and similar schemes operate illegally in Nepal, as declared by Nepal Rastra Bank. The central bank has warned against engagement in virtual currencies, cryptocurrencies, and network marketing schemes, underscoring the legal risks associated with such activities.