Banking offence case filed against Agrawal, Bhatta for over Rs421 million alleged loss

A significant banking offense case, claiming an alleged loss of Rs421 million, has been filed at Nepal's Patan High Court. The High Government Attorney’s Office initiated the proceedings against prominent businessmen, including Shanker Lal Agrawal, the chair of Shanker Group, and Deepak Bhatta, chair of Infinity Holdings.

Named as defendants alongside Shanker Lal Agrawal are vice-chairs of Shanker Group, Sulav Agrawal and Sahil Agrawal. The case alleges substantial financial misconduct. In parallel, separate legal actions have been lodged at the Kathmandu District Court concerning securities and insurance offenses. These cases also implicate Bhatta and Sulav Agrawal, along with former Federation of Nepalese Chamber of Commerce & Industries president Shekhar Golchha.

Legal proceedings are advancing, with Bhatta and Sulav Agrawal currently in the custody of the Department of Money Laundering Investigation. Sahil Agrawal is reported to be absconding. Shanker Lal Agrawal was released following his arrest during the initial investigation, while Golchha was freed after a habeas corpus order from the Supreme Court. The Special Government Attorney Office has also filed a chargesheet at the Special Court based on a money laundering investigation.