KATHMANDU: Nepal Police’s 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 market manipulation, fictitious trading and attempts to influence Nepal’s stock market.
The CIB took the action based on a preliminary study and recommendation by the Securities Board of Nepal (SEBON). Agrawal has been accused of purchasing shares at low prices, artificially driving up their value through misleading publicity and then selling them at inflated prices. He is also accused of conducting transactions in the names of relatives without any actual change in beneficial ownership.
During the investigation, the CIB found that Agrawal’s net worth was approximately Rs. 55 billion, prompting it to expand the probe to possible money-laundering offenses. He had previously been detained for 10 days in connection with the same offense before being released on a personal recognizance bond.
Agrawal has also been linked to a controversy involving the Bhotekoshi Heli Resort in Sindhupalchok. A complaint has been filed alleging that he created a fictitious board of directors to avoid being blacklisted after a bank moved to auction the resort, and that employees were not paid their salaries. The CIB said its detailed investigation into allegations including fraud and fictitious share trading is ongoing.
