Nepal has witnessed its largest-ever money laundering and financial misappropriation case, with transactions exceeding Rs 115 billion coming under investigation.
Following a five-month probe, the Department of Money Laundering Investigation (DoMLI) on Thursday filed a charge sheet at the Special Court against 39 individuals and several companies, alleging that more than Rs 106.25 billion was directly connected to illicit financial activities.
Complex Financial Network Under Investigation
According to investigators, the case involves:
- Alleged manipulation of share prices;
- Misuse of insurance funds;
- Routing of money through brokerage houses;
- Concealment of beneficial ownership through corporate structures; and
- Layering of transactions to disguise illegal proceeds as legitimate assets.
Officials said the case points to an organized financial network operating across the securities, insurance and banking sectors.
Deepak Bhatta Faces Highest Claim
Businessman Deepak Bhatta, who is currently in police custody, stands at the center of the investigation.
The state has sought recovery of Rs 26.63 billion from him, the largest amount claimed against any individual in the case.
Another prominent accused, businessman Sulabh Agrawal, faces recovery claims of Rs 25.59 billion.
Additional claims have been filed against:
- Subhi Agrawal – Rs 3.96 billion;
- Krishiv Agrawal – Rs 328.3 million.
Former Insurance Regulators Also Under Scrutiny
Investigators have named executives associated with stock brokerage firms, reinsurance companies, micro-insurance companies and investment entities.
Former chiefs of the Nepal Insurance Authority, Sharad Ojha and Madan Dahal, are also among those facing investigation, with combined claims exceeding Rs 3.5 billion.
The DoMLI alleges that weaknesses in regulation and influence networks may have facilitated the movement and concealment of funds through formal financial institutions.
Major Defendants and Claim Amounts
| Defendant | Amount Claimed |
|---|---|
| Deepak Bhatta | Rs 26.63 billion |
| Sulabh Agrawal | Rs 25.59 billion |
| Subhi Agrawal | Rs 3.96 billion |
| Rishi Raj More | Rs 3.78 billion |
| Sandeep Chachan Aggarwal and Bhrikuti Stock Broking | Rs 14.58 billion |
| Sahil Aggarwal | Rs 6.04 billion |
| Upasana Paudel, Manish Kumar, Shishir Gaire and Deepak Kumar Shrestha | Rs 6.04 billion |
| Manoj Kumar Lal Karna | Rs 7.22 billion |
| Sumer Shamsher JBR | Rs 1.27 billion |
| Raj Bahadur Shah | Rs 1.41 billion |
| Sharad Ojha and Madan Dahal | Rs 3.50 billion |
Among executives named in the charge sheet are:
- Ram Kumar Yadav – Rs 42 million;
- Pratap Man Shrestha – Rs 237.3 million;
- Naresh Kumar Roka – Rs 119.09 million;
- Chirayu Bhandari – Rs 404.9 million.
Fines Could Reach Double the Amounts Claimed
Besides recovery of the disputed funds, prosecutors have sought penalties of up to twice the amount involved under the Money Laundering Prevention Act, 2008.
Analysts say the case represents one of the biggest tests of Nepal’s financial governance framework and regulatory oversight, with implications for the country’s efforts to strengthen transparency and combat organized financial crime.
