Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Kathmandu District Court has granted a four-day remand to industrialist Shekhar Golchha for further investigation into alleged securities-related offenses.
Golchha was arrested on Thursday from Naxal by a team from the Central Investigation Bureau under the Securities Act 2007 (2063 BS).
According to officials, the arrest was made based on a preliminary investigation report submitted by the Securities Board of Nepal. The report indicates alleged collusion involving Golchha, who was serving as the chairman of Himalayan Reinsurance Limited at the time.
Authorities are investigating the case under Sections 94, 95, 96(1), and 98 of the Securities Act, which relate to fraudulent transactions, market manipulation, and activities that may influence the securities market.
Police had obtained an arrest warrant from the Kathmandu District Court before taking Golchha into custody. The case is currently under further investigation by the CIB based on the regulatory findings.
Golchha is a former president of the Federation of Nepalese Chambers of Commerce and Industry.
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