KATHMANDU, APRIL 23 Businessman Shekhar Golchha was taken into custody from the Naxal area in Kathmandu on Thursday in connection with an ongoing investigation into securities transactions linked to controversial businessman Deepak Bhatta. According to the Central Investigation Bureau (CIB), Golchha has been arrested on charges related to offences under the Securities Act, 2006, based on a preliminary investigation report received from the Securities Board of Nepal. The press release issued by the CIB said Golchha, 59, a former chairman of Himalayan Reinsurance, was arrested from Kathmandu's Naxal area after obtaining permission from the Kathmandu District Court on Thursday. He has been taken into custody for further investigation into alleged violations of securities laws, including provisions related to insider trading and irregular transactions. According to authorities, the case involves suspected collusion in share-related offences under multiple sections of the Securities Act, and further investigation is underway. Sources said Golchha's arrest followed preliminary findings indicating possible financial links between him and Bhatta, whose business dealings are under scrutiny in a separate money laundering case. Meanwhile, the Kathmandu District Court on Wednesday granted an additional seven-day remand of Bhatta and Sulav Agrawal, who are in police custody in connection with the same case. Bhatta, head of Infinity Holdings, was arrested on April 2, while Agrawal, chairman of Jagdamba Holdings under the Shankar Group, was arrested on April 4. Investigators allege that the two were involved in suspicious activities, including manipulation of major public procurement contracts, securing licences in hydropower, banking and insurance sectors, and influencing tax rates in annual budgets, allegedly in collusion with political leaders and public officials. Golchha is a former president of the Federation of Nepalese Chambers of Commerce and Industry and currently serves as chairman and managing director of Golchha Group.