Kathmandu, June 12: The Special Public Prosecutor’s Office has filed a money laundering case at the Special Court against 39 individuals, including Infinity Holdings Chairman Deepak Bhatta and businessman Sulav Agrawal, seeking recovery of Rs 22.39 billion allegedly linked to illicit transactions.
The case follows an investigation by the Department of Money Laundering Investigation, with support from the Securities Board of Nepal and the Nepal Insurance Authority. Prosecutors allege the accused invested proceeds of crime in the stock market and other sectors, concealed the source of funds, and carried out transactions in violation of anti-money laundering and insurance laws.
Those named in the case include Sulav Agrawal and his wife Subhi Agrawal, Shanker Group Chairman Shanker Lal Agrawal, Jagdamba Group Chairman Shahil Agrawal, former FNCCI president Shekhar Golchha, Jawalakhel Group Managing Director Raj Bahadur Shah, Himalayan Reinsurance CEO Upasana Poudel, Ramesh Corp Vice Chairman Rohit Gupta, Indian national Upendra Hirawat and several other business figures.
Investigators claim the group used multiple investments and layered transactions to disguise the origin of funds.
In a related development, prosecutors on Thursday also filed a banking offence case against Bhatta and three others at the Commercial Bench of the Patan High Court over the alleged misuse of bank loans worth more than Rs 421.4 million.
According to the charge sheet, Jagdamba Steels had obtained working capital and short-term loans from several banks, but the funds were allegedly diverted for purposes unrelated to the company’s operations. Investigators say forged documents were used to show the purchase of land in Sanepa, Lalitpur, allowing about Rs 450 million to be transferred from the company’s account to Bhatta and then to Infinity Holdings.
Authorities allege the money was later used to buy founder shares of Himalayan Reinsurance, while accounts linked to members of the Agrawal family were used to circulate funds and create the appearance of loan repayment.
Prosecutors have sought recovery of the full amount and an additional penalty. The banking charges carry a possible prison term of six to eight years.
Shanker Lal Agrawal has been accused of assisting in concealing the offence. Prosecutors have also sought arrest warrants for Shahil Agrawal and Shanker Lal Agrawal, who are reported to be absconding.
People’s News Monitoring Service
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