In a major development that signals Nepal’s growing crackdown on high-profile financial crimes, Shankar Group Chairman Shankarlal Agrawal has been arrested in connection with a money laundering investigation.
Arrest by CIB on Friday Evening
According to sources from the Home Minister’s Secretariat, Agrawal was taken into custody on Friday evening. The arrest was carried out by Nepal Police’s Central Investigation Bureau (CIB).
Officials confirmed that Agrawal is currently being held at the District Police Range, Lalitpur, where authorities have already begun recording his statement since Friday night.
Linked to Deepak Bhatt Money Laundering Case
The arrest is directly linked to an ongoing money laundering case involving businessman Deepak Bhatt, who was detained a day earlier.
Sources indicate that Agrawal and Bhatt share business partnerships. They are accused of using resources from public limited companies to expand influence in Nepal’s stock market, insurance sector, and hydropower industry.
Investigators suspect large-scale financial irregularities and organized economic activities behind these operations.
Court Allows 10-Day Custody, Rs 5 Billion Claim Likely
The Kathmandu District Court has already granted permission to keep Bhatt in custody for 10 days for further investigation.
Authorities involved in the case are preparing to file charges seeking more than NPR 5 billion in damages against Bhatt and his associates, including potential links to Agrawal.
Government Signals Strong Action Against Financial Crimes
Reacting to the recent developments, Home Minister Sudan Gurung shared a statement on Facebook highlighting that eight high-profile individuals have been arrested within the last seven days.
This indicates that the government is taking a firm stance against corruption, financial irregularities, and organized economic crimes.
Sources from the Home Ministry also suggest that more individuals involved in similar activities could face action in the coming days.
Investigation Still Ongoing
The Central Investigation Bureau (CIB) has confirmed that a detailed investigation is still underway. Authorities are working to uncover the full extent of the alleged financial network and identify all individuals involved.
