From banks to brokers and insurers: The multi-billion-rupee empire of the Bhatta-Agrawal syndicate

Nepali authorities have launched a sweeping investigation into alleged financial crimes, filing four criminal cases against 86 individuals, including some of the country's most prominent business leaders. The charges include money laundering, banking offenses, securities fraud, and insurance-related violations.

At the center of the probe are Deepak Bhatta, chairman of Infinity Holdings, and his associates, who are accused of engaging in highly unusual financial transactions that allegedly far exceeded their legitimate income sources. Prosecutors are seeking substantial bail and asset forfeiture, with Bhatta facing the largest claim of nearly Rs27 billion. Sulav Agrawal, vice-chairman of Shanker Group, faces the second-largest claim, exceeding Rs25.5 billion.

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I cannot state the exact figure. However, my personal annual income is approximately Rs300 million.

The coordinated investigation, led by the Nepal Police’s Central Investigation Bureau and the Department of Money Laundering Investigation, with support from the Securities Board of Nepal and Nepal Rastra Bank, has uncovered a complex system allegedly designed to circumvent financial regulations. Charge sheets describe the use of paper-based land purchase agreements, orchestrated family property divisions, and a series of interconnected transactions to conceal the movement of funds.

Key figures, including Bhatta, Shanker Lal Agarwal, Sulav Agrawal, Sahil Agrawal, Shekhar Golchha, Raj Bahadur Shah, and Amit More, have consistently denied wrongdoing. They attribute responsibility to one another or to subordinate executives. Bhatta's own statements to investigators, particularly his inability to explain the lawful origin of substantial capital, form a central part of the prosecution's case.

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I cannot disclose the source at this moment. I will have to review my transaction records before providing an explanation.