Kathmandu, June 12: A case has been filed at the Patan High Court against businessmen Deepak Prasad Bhatta, Shankar Lal Agarwal, Sulabh Agarwal, and Sahil Agarwal over allegations of banking offence, with a claim of over Rs. 4.21 billion in damages.
The high attorney office filed the case on Thursday, accusing the defendants of misusing bank loans for purposes other than those intended. The prosecution has demanded imprisonment and fines, stating a total liability of Rs. 421.4 million, according to Spokesperson and Deputy Government Attorney Khadindra Raj Katuwal, for the High Government Attorney Office (HGAO), Patan.
According to the charge sheet prepared on the basis of an investigation by the Central Investigation Bureau (CIB) of Nepal Police, funds obtained as a ‘working capital loan’ for Jagdamba Steels were allegedly channelled through Deepak Bhatta and Infinity Holdings into investments in Himalayan Reinsurance, as well as used for advance payments in land purchases.
The accused are alleged to have deceived banks and misused credit facilities, and action has been sought under the Banking Offences and Punishment Act, 2064.
Currently, Bhatta and Sulabh Agarwal are in custody of the Department of Money Laundering Investigation, while Sahil Agarwal is on the run. Another accused, Shankar Lal Agarwal, was released on bail after being arrested during the investigation.
Separately, a case has also been filed at the Kathmandu District Court under securities and insurance-related offences, naming Deepak Bhatta and Sulabh Agarwal along with former FNCCI President Shekhar Golchha as defendants. #nepal
