KATHMANDU: The Special Court has ordered the release of former Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Shekhar Golchha on bail of Rs 10 million in a money laundering case.
A bench comprising Special Court Chairperson Basudev Acharya and members Hemanta Rawal and Bidur Koirala issued the order on Tuesday, directing that Golchha be released on bail or a bank guarantee of an equivalent amount and be allowed to face the case while remaining on regular court dates.
The government had filed a money laundering case against Golchha, accusing him of using funds from Himalayan Reinsurance Company, where he served as chairman, to purchase shares through Broker No. 55 and of providing a substantial amount of money personally through the same broker.
According to the charge sheet, Rs 2.733 billion was transferred from Himalayan Reinsurance to Broker No. 55, while an additional Rs 525 million was transferred personally. The government has alleged that the funds were used to purchase shares in the names of co-defendant Deepak Bhatta and others.
The prosecution has sought punishment under Section 30(1) of the Asset (Money) Laundering Prevention Act, 2008, along with confiscation of property allegedly obtained through the offence.
During his statement, Golchha denied involvement in any illegal activity. He said that although he was chairman of Himalayan Reinsurance, his role was non-executive and he was not aware of how the company’s funds were being used.
Regarding the Rs 525 million transferred personally to Broker No. 55, Golchha said he had sent the money through banking channels at the request of Shulabh Agrawal. He stated that after finding market conditions unfavorable, he decided not to proceed with share transactions and requested the money to be returned.
The Special Court, however, noted that documents and evidence collected during the investigation showed that more than Rs 2.73 billion had been transferred from Himalayan Reinsurance to Broker No. 55 and that shares had subsequently been purchased in the name of co-defendant Deepak Bhatt.
The court also noted that Broker No. 55 had provided a loan of Rs 620 million to the wife of Shulabh Agrawal, according to the investigation.
The order stated that Golchha was still serving as chairman of Himalayan Reinsurance when the investigation began and resigned from the position only on March 9, 2026.
According to the court, Golchha’s statement acknowledged that both the amount he had personally provided and the funds provided by Himalayan Reinsurance remained to be recovered.
The investigation also found that in May-June 2025, Himalayan Reinsurance, as a founding shareholder, had purchased shares of Guardian Micro Life Insurance and other companies beyond the limit permitted under the applicable regulations, the court said.
The order further stated that separate proceedings against Golchha and other defendants under the Insurance Act, 2079 BS and Securities Act, 2063 BS are also underway at the Kathmandu District Court.
Based on the evidence currently available, the Special Court concluded that Section 7(d) of the Special Court Act, 2059 BS was applicable in Golchha’s case.
The court therefore ordered that Golchha be released on Rs 10 million bail or an equivalent bank guarantee and remain on regular court dates while the case proceeds. It also ordered that he be remanded in custody if he fails to furnish the required bail or bank guarantee.
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