Court extends remand of Bhatta, Agrawal by 12 days in money laundering probe

The Kathmandu Post reports on the ongoing investigation into prominent business figures Deepak Bhatta and Shulav Agrawal, highlighting the seriousness of the money laundering allegations. The court's decision to extend their remand underscores the depth of the probe, which reaches into the highest levels of Nepal's corporate and political spheres.

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The Special Court has extended the remand of businesspersons Deepak Bhatta and Shulav Agrawal by an additional 12 days each for investigation in a money laundering case.

The accusations paint a grim picture of systemic corruption, involving the manipulation of major public procurement contracts and undue influence on government policies, including tax rates. The involvement of political leaders and public officials suggests a deeply entrenched network that has benefited from illicit activities.

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Agrawal is the chairman of Jagdamba Holdings under the Shankar Group, while Bhatta heads Infinity Holdings.

This case has far-reaching implications, potentially affecting the vast Shankar Group, a conglomerate with a significant presence in Nepal's economy, employing thousands and holding substantial assets. The investigation's focus on transactions flagged by the Financial Intelligence Unit and irregularities in overdraft accounts points to sophisticated financial maneuvering.

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Both individuals are alleged to have been involved in suspicious activities, including manipulating major public procurement contracts, securing licences for hydropower and for banking and insurance companies, and influencing tax rates in annual budgets—often in collusion with political leaders, public officials, and employees in positions of authority.

As the investigation gains momentum, it raises critical questions about transparency and accountability in Nepal's business environment. The Kathmandu Post will continue to follow this developing story, providing in-depth coverage of the legal proceedings and their impact on the nation's economic landscape.

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The conglomerate, which reports an annual turnover exceeding Rs 125 billion, employs over 15,000 people and has significant exposure to the banking sector, with loans estimated at around Rs 200 billion.