CIB SSP Shiva Kumar Shrestha told Kantipur that he was kept under control as investigations were underway against him in two different cases.
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Businessman Shekhar Golchha has been re-arrested by the Central Investigation Bureau (CIB) of the police. A bench of Supreme Court Justices Mahesh Sharma Poudel and Shrikant Poudel ordered his release on bail on Monday, but he was arrested last night.
CIB SSP Shiva Kumar Shrestha told Kantipur that he was being kept under control as investigations were underway against him in two separate cases. “Although the order was issued for an offence under the Securities Act, another separate case was being investigated,” Shrestha said, “that is why he was not released.”
Golchha is also the former president of the Federation of Nepalese Chambers of Commerce and Industry. The former president of Himalaya Reinsurance Limited, he was arrested by the CIB from Naxal, Kathmandu on April 10. In a statement issued after his arrest, the CIB stated that he was “arrested on the basis of the preliminary investigation report of the Nepal Securities Board.”
His wife Seema Golchha had filed a habeas corpus petition in the Supreme Court against his arrest. In the order given by the court while hearing the case, Section 104 (1) of the Act states that ‘If there is any reasonable cause to believe that the person against whom the action is being taken may abscond and disappear or if it is found that there has been a loss or damage, the investigating officer in the case under the Act may ask for the necessary bail or security and if such bail or security is not given, he may be detained.’
‘However, as per the said legal provision, since the investigating officer has sought permission to detain the person for investigation without asking for bail or security, the orders of Baisakh 11 and Baisakh 21, including the order of detaining him, are deemed to be null and void,’ the court order said.
Regarding the offense under the Insurance Act, 2079 BS, the court had mentioned in the order that there was no arrest warrant issued and that there was no mention of it in the application. After this order, the police arrested Golchha for the same offense.
The police had already taken permission from the court four times since April 11 to keep Golchha in custody.
The Securities and Exchange Board of Nepal had prepared an investigation and supervision report on the share trading in collusion with a group including controversial businessmen Deepak Bhatt and Sulabh Agrawal. In which, it was suspected that six people, including Golchha, were involved. The government had sent the report to the CIB to implement the recommendations.
The report listed Shekhar Golchha, former president of the Federation of Nepalese Chambers of Commerce and Industry and chairman and managing director of Golchha Group, as a person who assisted in committing the offense. He was then arrested.
