Kathmandu, August 11: The Special Court has ordered the release of former President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Shekhar Golchha, on bail of Rs. 10 million in a money laundering case.
A bench of Special Court Kathmandu’s Bench No. 1, headed by Chairperson Basudev Acharya and comprising members Hemant Rawal and Bidur Koirala, ordered on Tuesday that Golchha be released on Rs. 10 million bail or a bank guarantee of an equivalent amount and allowed to remain on regular court dates while the case proceeds.
The Government of Nepal had filed a money laundering case against Golchha. According to the charge sheet, he allegedly used funds of Himalayan Reinsurance Company to purchase shares through Broker No. 55 while serving as the company’s chairman, and also provided a large amount of money personally.
According to the government’s prosecution, Rs. 2.733 billion, 33.15 million, 160 thousand and 3 paisa was sent to Broker No. 55 on behalf of Himalayan Reinsurance, while Rs. 525 million was sent personally.
The government has claimed that shares were purchased with the funds in the names of co-defendant Deepak Bhatt and others.
With the court ordering Golchha’s release on bail, the regular trial proceedings in the case will now move forward.
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