Residences of Agrawal, Bhatta raided in money laundering probe
Summary
The Department of Money Laundering Investigation raided residences and offices linked to Sulav Agrawal and Deepak Bhatta amid allegations of money laundering and irregularities in public procurement and financial dealings involving the Shanker Group.
Key Points
- The Department of Money Laundering Investigation raided the houses of Sulav Agrawal, Deepak Bhatta, and Himalaya Re-Insurance office in a money laundering probe.
- Agrawal, chairman of Jagdamba Holdings under the Shanker Group, and Bhatta, head of Infinity Holdings, are under investigation for suspicious financial activities and manipulation of public contracts.
- The probe includes scrutiny of over 40 companies linked to the Shanker Group, a major industrial conglomerate with large financial exposure.
- Authorities are investigating irregular financial transactions flagged by Nepal Rastra Bank between 2020 and 2022, including a suspicious Rs450 million transfer not reflected in audit reports.
