Kathmandu, Jan. 18 -- Businessmen Upendra Mahato has denied his involvement in investing in offshore companies by taking his profits from Nepal and bringing in foreign direct investment from tax havens as a foreigner.

A report delivered by Centre for Investigative Journalism-Nepal on Wednesday stated that businessman Upendra Mahato and his brother Birendra Mahato, with help of a nexus of foreign nationals and politicians set up offshore companies and used the country's major mobile network operator Ncell to launder black money under foreign direct investment and repatriate the profit to foreign countries.

Also read: Flouting laws, dozens of Nepalis invested in companies in tax haven nations

"Recent reports based on the findings of the ...