Kathmandu, August 19
The Central Investigation Bureau (CIB) has frozen the bank accounts of share trader Dipendra Agrawal, his family members and some of his business associates as part of an ongoing investigation into alleged manipulation of share prices and fraudulent trading.
The CIB has been investigating Agrawal over allegations of artificially increasing share prices and conducting false transactions to influence the market.
CIB spokesperson Anupam Shamsher Rana said the accounts of Agrawal, family members involved in his transactions and other individuals linked to him had been frozen as part of the investigation.
“Bank accounts of family members and individuals linked to Dipendra Agrawal’s transactions have been frozen as part of the ongoing investigation,” Rana said. “The bureau is investigating allegations including fraud and fraudulent share transactions.”
The Securities Board of Nepal (SEBON) had previously investigated Agrawal and forwarded the case to the CIB for further investigation.
Agrawal was arrested by the CIB in December and spent 10 days in custody before being released on a personal guarantee.
According to the investigation, Agrawal allegedly purchased shares at relatively low prices and subsequently used misleading publicity to push up their prices before selling them.
The CIB has also found that Agrawal allegedly conducted transactions between himself, family members and related entities without changing the actual ownership of the securities.
He is also accused of operating trading accounts belonging to other individuals and transferring funds between different accounts.
Agrawal had reached the CIB after learning that his bank accounts had been frozen. He was later released after the bureau asked him to cooperate with the investigation.
According to a CIB source, the bureau has also begun looking into possible money laundering after its investigation identified Agrawal’s net worth at around Rs 55 billion.
Dispute over Bhote Koshi heli resort
Agrawal has also recently become embroiled in a dispute over the Bhote Koshi Heli Resort in Sindhupalchok.
The resort is currently closed and the bank is preparing for its third auction. Employees of the resort have also filed complaints with the Department of Labour, alleging that they have not received their salaries.
Agrawal is said to have control over the resort, although a dispute has emerged over its management and company records.
A resort investor alleged that Agrawal had created and updated a purportedly fake board of directors at the Office of the Company Registrar after the bank began the process of auctioning the resort.
The investor alleged that Agrawal took the step to avoid being blacklisted as the bank moved to auction the property.
