Kathmandu. The joint investigation team of the Department of Money Laundering Investigation has filed a charge sheet at the Special Court, Kathmandu exposing the country’s biggest financial scam and policy corruption TAG_OPEN_span_51 TAG_CLOSE_span_52.TAG_OPEN_span_52 The case has been filed against 34 individuals including main accused Deepak Bhatta, industrialist Shulabh Agrawal, former chairmen of Nepal Insurance Authority and five business TAG_OPEN_span_50 TAG_CLOSE_span_51 companies as defendants.
They have been asked to take action and punishment under the Prevention of Money Laundering Act, 2064 and the Foreign Exchange (Regulation) Act, 2019 TAG_OPEN_span_48 TAG_CLOSE_span_49.
This is the fifth case in a scam involving Himalayan Reinsurance.TAG_OPEN_p_67 A separate case was filed at the Kathmandu District Court on Thursday on the charge of money laundering. The indictment filed in the Special Court on Friday } shows an organized network of well-known business houses, CEOs of insurance companies and former heads of regulatory bodies}.
The main defend TAG_CLOSE_span_45 ants are Deepak Bhatt (sole shareholder of Infinity Holdings (now in custody of Police Circle, Bouddha), Shulabh Agrawal (now in custody of District Police Range, Lalitpur), Shekhar Golchha (then chairman of Himalayan Reinsurance Company Limited), Upasana Poudel (now in custody) of Himalayan Reinsurance Company (now abroad), Sharad Ojha and Madan Dahal, then chairpersons of Nepal Insurance Authority.TAG_OPEN_span_45 There are.
The other defendants are Sandeep Chachan Agarwal (Chairman, Bhrikuti Stock Broking), Shahil Agarwal, Shubhi Aggarwal, Rishiraj Mor, Amit Mor, Rajiv Mor, Sumer Shumsher Rana, and CEOs of various micro insurance TAG_OPEN_span_43 TAG_CLOSE_span_44 companies.TAG_OPEN_span_44
Infinity Holdings, Bhrikuti Stock Broking (Broker No. 55), Jagdamba Motors, Sarathi Capital, and Himalayan Assets Management Pvt. Ltd.TAG_OPEN_span_42 TAG_OPEN_p_64 An indictment has also been filed against . According to the complaint and investigation report received by the Department of Money Laundering }, this gang has been found to have committed policy corruption and laundering illegal assets worth billions of rupees by setting up various state agencies}.
During the investigation, it has been found that Rs 450 million was deposited in the name of Deepak Bhatt from the account of Jagdamba Steels}.TAG_OPEN_span_38 Bhatta transferred the amount to his sole proprietorship Infinity Holdings account and deposited it in the account of Himalayan Reinsurance . Jagdamba Steels’ audit report for the fiscal year 2077/78 does not reveal any clear motive or source of this transaction of Rs 450 million}. In his statement, Bhatta said that although it was a ‘land purchase bill’, he claimed that due to Covid, the land was returned with interest instead of passing}.
In addition, Infinity Holdings Pvt. Ltd. The paid-up capital of the company had increased unnaturally from Rs. 3 crores in the end of Ashad 2077 to Rs. 48 crores in Asadh 2078 B.S. (2078 B.S. for which the defendants have failed to disclose the legal source }.
According to the investigation, a total of more than TAG_OPEN_span_31 Rs 3.32 billion was transferred from Himalayan Reinsurance Limited, Himalayan Capserv, and Himalayan Securities Banker to the account of Bhrikuti Stock Broking (broker no. 55) as advance/advance }.
It has been revealed that the funds of the said public limited companies were used to purchase shares and debentures in the personal names of Deepak Bhatt, Shulav’s wife Shubhi Agarwal (Rs 62 crore), and Rishiraj Mor (Rs 31.19 crore) under pressure and setting of TAG_OPEN_span_28TAG_CLOSE_span_29Shulav Agrawal against the rules.TAG_OPEN_span_29
Broker No. Sandip Chachan Agrawal, chairman of Himalayan Reinsurance Pvt. Ltd., has TAG_OPEN_span_26 TAG_CLOSE_span_27 admitted in his statement that Deepak Bhatt had asked him to buy the shares in his personal name while the amount was in deposit in his account.
Defendants’ statement: “We are innocent”
During the statement, the main accused Deepak Bhatt claimed that he was not in politics but a pure businessman and that the allegations of money laundering against him were false}.TAG_OPEN_span_25 He demanded a technical test saying that his ‘Mero Share’ and TMS user, password was used by Shulabh Agarwal }.
Similarly, Shekhar Golchha, Amit Mor and Rajiv Mor have said that they have resigned from the post of chairman and director and there is no board decision to misuse the money of the public company and the management and the chief executive should be held responsible}TAG_OPEN_span_22 Sumer Shumsher Rana, chief executive of Himalayan Investment Banker, said that he worked under pressure from chairman Shulav Agrawal and that Agrawal had influenced the market by using passwords everywhere TAG_OPEN_span_20 TAG_CLOSE_span_21.
The department has concluded that billions of rupees have been embezzled as per the organized plan to grab the main shares of Nepal Reinsurance by taking control of the insurance sector and TAG_OPEN_span_18 TAG_CLOSE_span_19 the stock market.TAG_OPEN_span_19
