Chairman of Jagadamba Group, Shankar Agrawal, has been arrested by the Central Investigation Bureau Nepal Police on Friday evening.
Agrawal is a business partner of Deepak Bhatt, who was arrested on Thursday in connection with a money laundering case.
Authorities allege that Bhatt and Agrawal misused funds from public limited companies to manipulate the stock market and expand influence across sectors such as insurance and hydropower.
The Department of Money Laundering Investigation Nepal is investigating a transaction of NPR 450 million transferred from Jagadamba Steels Pvt Ltd to Bhatt’s personal bank account.
According to bank records, within four days—from June 27 to June 30, 2021—Jagadamba Steels deposited NPR 150 million, NPR 140 million (after the first cheque was returned and re-deposited the next day), and NPR 160 million into Bhatt’s personal account, totaling NPR 450 million.
Agrawal’s son, Sulav Agrawal, was previously arrested and later released in connection with the “thermal gun black market” controversy.
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