Inside the Rs 3.73 billion fraud investigation shaking Nepal’s business elite
Summary
Nepal's Rs 3.73 billion fraud investigation centers on Deepak Bhatta and the Shankar Group, involving illegal share purchases and money laundering across multiple listed companies, shaking Nepal’s business elite.
Key Points
- Deepak Bhatta allegedly diverted Rs 3.73 billion from five listed companies to accumulate shares in competitors.
- The Shankar Group, a prominent business conglomerate, is deeply involved through an alliance with Bhatta.
- Illegal margin trading practices were used, and Bhrikuti Stock Broking Company committed multiple regulatory violations.
- The Department of Money Laundering Investigation, along with financial regulators, has frozen bank accounts and initiated cases against involved parties.
