According to sources affiliated with the Money Laundering Investigation Department, the statements of the arrested Bhatta and Agrawal, other businessmen and other high-ranking officials of the Securities and Exchange Board of Nepal (SEB) involved in the decision-making process that benefited them, and their 'suspicious financial transactions' and investments, have been completed.
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The investigation into the arrest of Infinity Holdings Chairman Deepak Bhatt and the vice-chairman of the business family Shankar Group and the chairman of Jagdamba Holdings under the same group, Sulabh Agrawal, and government officials and businessmen linked to them, has reached its final stage.
According to sources affiliated with the Money Laundering Investigation Department, the statements of the arrested Bhatt and Agrawal, other businessmen linked to their 'suspicious financial transactions' and investments, and the then high-ranking officials of the Securities and Exchange Board of Nepal involved in the decision-making process that benefited them, have been completed. Two officials affiliated with the department and the Ministry of Finance informed that the work of writing a report has begun by incorporating the facts and evidence revealed during the investigation and the statements of the accused.
‘During the investigation into money laundering, a detailed investigation has been conducted and statements have been taken against at least 25 people, including Infinity Holdings Chairman Deepak Bhatt and Jagdamba Holdings Chairman Sulabh Agrawal, other businessmen involved in suspicious financial transactions and investments, and government officials involved in the criminal decision-making process,’ the department official told Kantipur. ‘Now, the work of writing a report has moved forward according to the facts/evidence revealed through the investigation and investigation. We will finalize this matter soon.’
During the statement, accused Bhatt and Agrawal tried to escape by blaming each other, but the department source says that the collected evidence has found facts and grounds to confirm the guilt of both of them.
Investigation sources say that the Securities and Exchange Board of Nepal (SEB) officials and employees were also involved in the decision taken by the Securities and Exchange Board of Nepal (SEB) to provide illegal benefits to these two businessmen. Nepal Securities and Exchange Board Chairman Santosh Narayan Shrestha, who was dragged into the money laundering investigation after Bhatta and Agrawal were arrested, resigned on Friday. After the detailed investigation reached the final stage, Shrestha was directed by the Finance Ministry to step down from his position and assist in the investigation. After that, he was forced to resign, an official from the Finance Ministry informed. The department has already recorded a statement from him last week.
The KP Sharma Oli-led Council of Ministers appointed Shrestha as the chairman of the board on 10 Mangsir 2081. He was dragged into the investigation after it was found that the board had made various decisions that provided illegal benefits to insurance companies affiliated with Bhatta and Agrawal. The department has also taken a statement from the then chairman of Himalayan Re-Insurance, Shekhar Golchha. After Himalayan Re-Insurance was dragged into the investigation, Chairman Golchha resigned on 25 Falgun, and the board of directors of the re-insurance had approved his resignation.
A department source said that a statement has also been taken from the then chairman of Nepal Insurance Authority, Surya Prasad Silwal. The Commission for the Investigation of Abuse of Authority had filed a corruption case against Silwal in a special court after it was found that Silwal, who was also a former secretary of the Ministry of Home Affairs, had lied about his age and became the chairman of the authority. Based on the facts and evidence revealed by the letter from Nepal Rastra Bank and the internal investigation, the department had started an investigation into Bhatta and Agrawal, their affiliated insurance companies, and suspicious transactions between the two companies.
During the investigation, the department arrested Bhatta, chairman of Infinity Holdings, on 19 Chaitra and Sulabh Agrawal, vice-chairman of Shankar Group and chairman of Jagdamba Holdings under the same group, on 22 Chaitra. After that, the department, which had frozen the movable and immovable properties of the accused, raided the residences and offices of Bhatta and Agrawal, and the office of Himalayan Re-Insurance on 1 Baisakh and seized documents, equipment and vehicles. The department seized three vehicles found at Bhatta's residence in Sanepa, and found that all three vehicles belonged to Agrawal, chairman of Jagdamba Holdings. During the time of the then Prime Minister KP Sharma Oli, in Baisakh 2082, the department decided not to prosecute the complaint filed against Bhatta and Agrawal and others. The investigation that was initiated in 2079 based on the complaint of the Nepal Rastra Bank was suppressed for three years and returned the complaint to the Nepal Rastra Bank in Baisakh last year without filing a case. The department had reopened the suppressed file last time with the changed political situation after the Gen-G agitation of 23 and 24 Bhadra and started a detailed investigation. In the meantime, after the arrest of Bhatta and Agrawal, among the accused, the department had conducted a detailed investigation against the financial setting by both parties.
Bhatta-Agrawal were also accused of colluding in suspicious activities ranging from policy interventions in collaboration with the ruling party to get revenue exemptions to manipulating tax rates by inserting middlemen in Singha Durbar at midnight. Not only this, this group is also accused of colluding in settings ranging from getting insurance licenses from people they like to the Securities and Exchange Board of India and Insurance Authority to entering the securities market.
The department is preparing to file a case soon after concluding the investigation, as it has found grounds to confirm these allegations during its latest investigation, including suspicious connections between the Insurance Authority, the Securities and Exchange Board of Nepal and transactions related to the accused's business. Sources say that .
