Money laundering probe pulls Nepal’s Shanker Group into spotlight
Summary
The Shanker Group, one of Nepal's oldest conglomerates, has come under scrutiny in a money laundering investigation linked to businessman Deepak Bhatta. Authorities have detained the group's chairman and are investigating its extensive business operations and financial transactions.
Key Points
- The Shanker Group, Nepal's historic corporate house, is under investigation for money laundering linked to businessman Deepak Bhatta.
- Chairman Shanker Lal Agrawal has been detained, and police are searching for his sons, with Sulav Agrawal reportedly detained in India.
- The group spans over 40 businesses with combined borrowings close to Rs200 billion from financial institutions.
- Suspicious financial transactions between the Shanker Group and Bhatta-linked firms amounting to hundreds of millions of rupees are under probe.
