Court grants bail to Deepak Bhatta and Sulav Agrawal in securities and insurance offence cases

The Kathmandu District Court has ordered the release of businessmen Deepak Bhatta and Sulav Agrawal on bail in connection with securities and insurance offense cases. A bench led by Judge Shiva Prasad Acharya mandated Agrawal to deposit Rs20 million and Bhatta Rs15 million as bail for insurance-related offenses. In a separate securities offense case, the court set bail at Rs15 million for Agrawal and Rs10 million for Bhatta.

These bail orders followed a week-long preliminary hearing, a process that determines whether defendants should be detained or released under specific conditions while awaiting trial. The court also sought an additional Rs23 million in bail from Agrawal concerning the sale of founder shares of Himalayan Reinsurance.

However, the businessmen will not be released from custody. They are currently detained in a separate money laundering case, meaning the bail amounts set by the district court for the insurance and securities offenses will not lead to their immediate release.