In a major crackdown on financial crime, the Special Court has ordered controversial businessmen Deepak Bhatta and Sulav Agrawal to be sent to prison pending trial. A three-judge division bench comprising Judges Sudarshan Dev Bhatta, Umesh Koirala, and Bidur Koirala issued the detention order following intensive hearings regarding massive money laundering and insurance fraud charges.
The prosecution has accused the duo of spearheading a criminal syndicate that misappropriated funds from multiple insurance companies and the Himalayan Large Cap mutual fund. These embezzled funds were allegedly used to artificially manipulate stock market prices, with the illicit transactions funneled directly through trading accounts tied to Stock Broker No 55. Consequently, authorities have filed separate indictments for the initial financial fraud and the subsequent laundering of the proceeds.
The Department of Money Laundering Investigation (DoMLI) has laid out staggering financial claims (Bigo) against both tycoons. Bhatta faces an asset recovery and fine claim of Rs 26.63 billion, while Agrawal faces a claim of Rs 25.59 billion. During his court statement, Bhatta denied the allegations of illegal wealth accumulation, asserting that his legitimate annual income stands at Rs 300 million. However, the court ruled that the existing evidence is sufficient to warrant pre-trial detention, effectively denying them bail.
Alongside the jail order, the bench issued specific directives regarding the defendants' assets and welfare. Taking Sulav Agrawal’s medical history into account, the court instructed prison authorities to arrange appropriate healthcare during his incarceration. Furthermore, the court ordered that vehicles seized from the defendants be transferred to the Asset Management Department, confiscated electronic devices be logged into the court’s inventory, and recovered foreign currency be deposited with the Nepal Rastra Bank.
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