Agrawal, Bhatta remanded in custody for additional seven days
Summary
Kathmandu District Court extended the police custody of Sulav Agrawal and Deepak Bhatta by seven days amid an ongoing money laundering investigation involving alleged manipulation of public contracts and financial irregularities linked to the Shankar Group and affiliated companies.
Key Points
- Kathmandu District Court extended the remand of Sulav Agrawal and Deepak Bhatta by seven days in a money laundering case.
- Agrawal, chairman of Jagdamba Holdings under Shankar Group, and Bhatta, head of Infinity Holdings, are under investigation for financial irregularities and manipulation of public procurement contracts.
- The probe relates to over 40 companies under the Shankar Group with a reported turnover exceeding Rs 125 billion and involves potential political and regulatory collusion.
- Nepal Rastra Bank's Financial Intelligence Unit flagged suspicious transactions, including an unreported Rs 450 million transfer from Jagdamba Steel to Bhatta's account.
