Kathmandu, April 24: The Kathmandu District Court has granted four days to keep under investigation custody to Shekhar Golchha, who is alleged for being involved in inflating the share market for personal gains.
Golchha was arrested by police on Thursday, April 23, from Naxal, Kathmandu. A team from the Central Investigation Bureau of Nepal Police carried out the arrest. He was detained on charges under the Securities Act, 2007 (2063 BS), in his capacity as the then chairman of Himalayan Reinsurance Limited.
Based on the preliminary investigation report of the Securities Board of Nepal, further investigation and legal action have been initiated against Golchha and others for offenses under Sections 94, 95, 96(1), and 98 of the Securities Act, 2007. After receiving the board’s preliminary report (2083 BS), the bureau obtained an arrest warrant from the Kathmandu District Court and apprehended him.
Golchha is a former president of the Federation of Nepalese Chambers of Commerce and Industry.
The Securities Board had prepared an investigation and supervision report regarding share transactions allegedly carried out in collusion by a group including controversial businessmen Dipak Bhatt and Sulabh Agarwal. The report suspects that six individuals, including Golchha, were involvd in the collusion.
People’s News Monitoring Service.
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