Deepak Bhatta arrested from Kathmandu

KATHMANDU: Tainted businessperson Deepak Bhatta, long accused of engaging in shady transactions with political backing, has been arrested.

The Central Investigation Bureau (CIB) of Nepal Police detained Bhatta in Kathmandu on Thursday, CIB Spokesperson SSP Shiva Kumar Shrestha told Himal Press over the phone.

The arrest comes days after the Department of Money Laundering Investigation (DoMLI) requested the Department of Immigration to place Bhatta on the immigration blacklist and block his passport.

The DoMLI is investigating Bhatta’s suspicious transactions worth billions of rupees.

Earlier, DoLI had written to the Nepal Insurance Authority to investigate the purchase of shares worth nearly Rs 3.39 billion by Bhattaa by mismusing Rs 2.33 billion from Himalayan Reinsurance, Rs. 299.59 million through its subsidiary Himalayan Securities Broker, Rs 360 million from the subsidiary company of Nepal Life Insurance, Rs 241.84 million from HLI Large Cap Fund, and Rs 1.41 billion from Nepal Micro Insurance Company.

Likewise, DoMLI is also investigating the transfer of Rs 450 million to Bhatta’s personal account from Jagdamba Steels. The amount was later transferred to Bhatta’s company, Infinity Hodlings. Jagdamab Steels has not specified the purpose for transferring such a huge amount of money to Bhatta’s account.