From banks to brokers and insurers: The multi-billion-rupee empire of the Bhatta-Agrawal syndicate
Summary
Deepak Bhatta and associates face multiple criminal cases for money laundering and financial crimes involving billions of rupees through complex transactions and stock market manipulation in Nepal.
Key Points
- Deepak Bhatta, chairman of Infinity Holdings, faces criminal charges including money laundering, banking offences, securities fraud, and insurance violations.
- Investigations reveal a scheme involving Rs545 million transferred as a purported land advance, which prosecutors allege was a disguised commission related to policy changes benefiting Jagdamba Steels.
- Funds were round-tripped through accounts linked to the Agrawal family to conceal the origin and repayment of loans obtained by Jagdamba Steels, violating banking regulations.
- The alleged scheme expanded into securities fraud with coordinated efforts to manipulate Nepal Reinsurance Company's stock price through credit-based trading.
