KATHMANDU, APRIL 5 Sulav Agrawal, vice-chairman of Shankar Group and chairman of Jagdamba Holdings, has been remanded for five more days. The Kathmandu District Court has extended his remand for five days. He was arrested on Sunday on allegations of money laundering following his father, Shankar Agrawal's arrest on April 3 (Friday). Deepak Kumar Shrestha, spokesperson for the Kathmandu District Court, stated that his remand period was extended by five days following the hearing. The Department of Money Laundering Investigation (DMLI) is looking into Agrawal. Agrawal was arrested in 2020 during the COVID-19 lockdown for using thermal guns for black marketeering. He was accused of selling thermal guns for Rs 15,000-16,000 when they actually cost NPR 3,000-3,500. In the meantime, Shanker Lal Agrawal, chairman of Shankar Group, was also arrested on Friday. He was released after completing his statement. Shanker Group is a prominent business conglomerate in Nepal. Jagdamba Steel is its flagship company. Shanker Group, founded by Shanker Agarwal in 1979, is a multifaceted enterprise headquartered in Nepal that includes 40 companies across multiple verticals. The principal investment holding companies and promoters of Shanker companies are Jagdamba Holdings and Jagdamba Group. In 2020-21, the combined revenue of Shanker companies exceeded $1 billion (NPR 1,100 crore). These businesses collectively employ more than 15,000 people. Shankar Group companies include Jagdamba Steels, Jagdamba Motors, Shaurya Cement, Riddhi Siddhi Cement, Himalayan Re-Insurance, Union Life Insurance, Jagdamba Enterprises, Jagdamba Flour and Agro, Jagdamba Mobiles, Jagdamba AlcoBev, Jagdamba Overseas, Modikhola Hydropower, Balefi Hydropower, Jagdamba Hire Purchase, and many others. In addition to steel, this group has made investments in cement, hydropower, consumer goods and other sectors in Nepal. The department had launched an investigation against him, along with another businessman, Deepak Bhatt. Shankar Group had long employed Bhatta as a consultant. The DMLI has stepped up its investigation, particularly in light of the suspicion that Bhatta's bank account received approximately Rs 450 million from Jagdamba Steel without disclosing its source and that the money was handled through 'asset layering'. According to bank records, Jagdamba Steel deposited Rs 150 million, Rs 140 million (the first cheque was returned and re-deposited the next day), and Rs 160 million into Bhatta's personal account over four days, from June 27 to 30, 2021, for a total of Rs 450 million. After Bhatta's arrest, authorities are now closely monitoring other influential businessmen believed to have close ties to him. Bhatta and Shankar have dominated the stock market by misusing funds from public limited companies, as well as insurance and hydropower. Furthermore, Bhatts and Shanker groups have been accused of orchestrating the involvement of high-profile political families. A source told THT that they were involved in the forgery of legal documents related to insurance for the Hilton Hotel, which was burnt down during the Gen Z protest last year. 'Sulav handled petty deals while Deepak Bhatt and Shanker Agrawal managed toptier people, including politicians and bureaucrats, which include former prime ministers,' the source said.