The Kathmandu District Court on Friday issued a four-day remand for investigation.
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Businessman Shekhar Golchha, who was arrested for an offence under the Securities Act, 2063, has been remanded for 4 days.
The Kathmandu District Court on Friday extended his remand for 4 days for investigation. He was arrested by the Central Investigation Bureau of the Police from the Naxal area on Thursday.
Based on the preliminary investigation report of the Nepal Securities Board, in collusion with the then Chairman of Himalayan Reinsurance Limited, Golchha, the Bureau received the preliminary investigation report of the Board, 2083, for further investigation and action in the offence as per Sections 94, 95, 96 Sub-section (1) and Section 98 of the Securities Act, 2063, and he was arrested with an arrest warrant from the Kathmandu District Court.
Golchha is the former President of the Federation of Nepalese Chambers of Commerce and Industry.
The Securities and Exchange Board of Nepal (SEB) had prepared an investigation and supervision report on the collusion of a group including controversial businessmen Deepak Bhatt and Sulabh Agarwal in the share trading. It is suspected that six people, including Golchha, were involved in the collusion.
