Security Board names top businesspersons in alleged share-rigging
Summary
Several prominent businessmen including Deepak Bhatta and Raj Bahadur Shah have been implicated in a share trading scheme involving fraudulent credit purchases and artificial inflation of share prices in Nepal.
Key Points
- Deepak Bhatta, Raj Bahadur Shah, Shubhi Agrawal, Rishi Raj More, and Sandip Chachan are accused of fraudulent share trading activities involving credit purchases and artificial price inflation.
- Securities Board of Nepal's investigation reveals fraudulent transactions facilitated by Bhirkuti Stock Broking Company and various insurance and investment companies.
- Several institutions including Himalayan Reinsurance Limited, Himalayan Capserv, and Nepal Micro Insurance Company are identified as facilitators in the scheme.
- The Board has referred the case for further investigation under the Securities Act due to violations including insider trading and fictitious transactions.
