?Controversy clouds over Baba Ramdev's Nepal project investment

Yog guru Baba Ramdev had announced earlier this month that he is going to invest billions of rupees in Nepal to create 20,000 jobs.

Recently on a media report, it was reported that Baba Ramdev has landed himself in a controversy related to the investments made in Nepal, without any prior approval made by the ministers of Nepal.

The media report claimed that Patanjali Ayurved group invested more than Rs 150 crore in the country without official approval. The Foreign Investment and Technology Transfer Act require any foreign investor to get permission from the Investment Board Nepal or the Department of Industries before investing in Nepal.

The report in Nepal's newspaper Kantipur Daily said Ramdev failed to seek such mandatory permissions.

Ramdev, on the other hand has denied the allegations, saying his company has not flouted any local law while conducting activities in Nepal. Speaking at a press meet he had announced that he has invested Rs 150 crores in Ayurvedic factory in Nepal and is planning to further invest Rs 500 crore in the future.

The statement, signed by Ramdev, said the proposed investment from Patanjali Ayurved Limited will flow into Nepal only after completing all due legal process.

The statement says, "Entire investment in Patanjali Yogapeeth in Nepal has come from Upendra Mahato, his wife Samata. When we invest in the company in future which we plan to do, we will follow the prevalent laws of Nepal and take approval from the concerned government authorities."

Ramdev said, "I devoted my entire life fighting corruption, black money and financial misappropriation, and I am committed to financial transparency. So, there is no possibility that I would be involved in any kind of illegal investment in Nepal."