Premier Steel Pvt. Ltd., a well-known steel manufacturing company under Nepal’s Sharda Group, has suffered a major setback after falling victim to a fraud scam. The company lost more than NRs. 84 lakhs, shaking the confidence of its stakeholders and raising questions about financial safety.
How the scam unfolded?
While details are still emerging, insiders reveal that the scam involved a sophisticated manipulation of the company’s internal financial processes. The fraud went unnoticed for some time, allowing the scamsters to take advantage of the system and cause significant financial damage.
What happens next?
Authorities are expected to begin a thorough investigation to track down those responsible and recover the lost money. This incident has put pressure on Premier Steel’s management to review and strengthen their financial controls.
About Premier Steel
Premier Steel is one of the leading names in Nepal’s steel industry, known for producing high-quality TMT bars distributed across the country. This fraud case highlights the need for stronger corporate governance and transparency in Nepal’s business sector.
