Industrialist Shekhar Golchha arrested by CIB

KATHMANDU: Noted industrialist Shekhar Golchha has been arrested by the Central Investigation Bureau (CIB) of Nepal Police.

According to CIB, Golchha was taken into custody by securing an arrest warrant from the Kathmandu District Court for investigation into an offense under the Securities Act, 2007.

Golchha, who heads the Golchha Group—one of the country’s leading business conglomerates—has been accused of facilitating the purchase of shares in Nepal Reinsurance Company in the names of Deepak Bhatta, Subhi Agrawal, Raj Bahadur Shah, and Rishi Raj More. The alleged transactions reportedly involved funds from Himalayan Reinsurance Company, according to a study report prepared by the Securities Board of Nepal (Sebon).

The former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) had stepped down as chairperson of the board of directors of Himalayan Reinsurance Company a few weeks ago.

Bhatta and Subhi Agrawal’s husband, Sulabh Agrawal, are already in CIB custody for an investigation into money laundering allegations.