KATHMANDU, APRIL 23 Businessman and Chair of Golchha Group, Shekhar Golchha has been taken into custody as part of an ongoing crackdown on a nexus linked to dubious business broker Deepak Bhatta. A team from the Nepal Police's Central Investigation Bureau (CIB) apprehended Golchha in Naxal today. Shekhar currently serves as chairman of one of Nepal's oldest business organisations, the Golchha Group. He also served as the president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) from 2020 to 2023. Shekhar is the grandson of Ramlal Golchha, a pioneering industrialist in Nepal who established the country's first jute industry after settling in Biratnagar. Hulashchandra Golchha, Shekhar's father, helped expand the business' scope. Under Shekhar's leadership, investments have increased in sectors such as automobiles, electronics, hospitality, banking and finance. According to the CIB, Shekhar 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. In a press release, the CIB stated that Shekhar, 59, a former chairman of Himalayan Reinsurance, was arrested from Kathmandu's Naxal area after obtaining permission from the Kathmandu District Court today. 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 the Securities Board of Nepal's preliminary investigation report, Shekhar is accused of violating Sections 94, 95, 96 and 98 of the Securities Act. The board submitted its report to the CIB for further investigation and action, alleging that Shekhar had committed illegal acts in the securities market in collusion with others. 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. Bhatta has already been in custody for over two weeks in a money laundering case. The Kathmandu District Court yesterday granted an additional seven-day remand for 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, and Agrawal, chairman of Jagdamba Holdings (a Shanker Group company), was arrested on April 4. The latest development in the case involving this leading corporate conglomerate is Shekhar's arrest. The Securities and Exchange Board of Nepal (SEBON)'s 'Preliminary Investigation and Supervision Report on Securities Transactions Fraud by Deepak Bhatta, 2026' also mentioned Shekhar. Soon after, he resigned from his position as chair of Himalayan Reinsurance. It was discovered that Bhatta was the primary participant in the transactions carried out through Bhrikuti Stock Broking Company Pvt Ltd. Funds from Himalayan Reinsurance Company, Himalayan Capserve, Nepal Micro Insurance Company, Himalayan Securities Banker Ltd, HLI Large Cap Fund, Rohit Gupta and Shekhar were utilised. The broking company has not yet paid Shekhar Rs 525 million of the total amount permitted for the transactions. He resigned as chairman of Himalayan Reinsurance on March 9. Deepak Bhatta's network under scanner

• Sulav Agarwal – Shankar/Jagdamba Group – Vice Chairman
• Raj Bahadur Shah – Jawalakhel Group of Industries – Managing Director
• Sahil Agarwal – Shankar Group - Managing Director
• Shanker Lal Agarwal – Shankar/Jagdamba Group – Chairman
• Suvi Agarwal – Shankar Group – Wife of Sulav
• Rishiraj More – Linked to Lucky Group – Businessman
• Shekhar Golchha – Golchha Group – Chairman & MD
• Amit More – Lucky Group – Managing Director
• Rohit Gupta – Ramesh Corp – Vice Chairman
• Manoj Kumar Lal Karna – Bhrikuti Stock Broking – ex-CEO / Controller
• Sandeep Chachan – Bhrikuti Stock Broking – CEO
• Santosha Narayan Shrestha – SEBON – ex-Chairman
• Surya Silwal – Insurance Authority – ex-Chairman
• Upasana Paudel – ex-HRL – CEO
• Pashupati Murarka – Himalayan Re-Insurance – Promoter
• Bhawani Rana – Himalayan Re-Insurance – Promoter
• Rajesh Agrawal – Himalayan Re-Insurance – Promoter
• Satish More – Himalayan Re-Insurance – Promoter
• Vikas Dugar – Himalayan Re-Insurance – Promoter
• Bikas Rana – Himalayan Re-Insurance – Promoter
• Kailash Sirohiya – Kantipur Media Group – Chairman
• Vivek Dugar – Himalayan Re-Insurance – Promoter/Investor
• Rajendra Khetan – Himalayan Re-Insurance – Promoter/Investor
• Pawan Golyan – Himalayan Re-Insurance – Promoter/Investor
• Mahesh Baral – Insurance Authority – Regulatory Official
• Ritesh Shakya – Regulatory Facilitator
• Sushil Koirala – Regulatory Facilitator
• Rajeshwar Gyawali – Regulatory Facilitator
• Shashikant Agarwal – MS Group – Chairman
• Ayushma Nepal Bhatta – Wife of Deepak Bhatta