KATHMANDU: Businessperson Shekhar Golchha has been arrested on charges related to securities offences, police confirmed.
A team from the Central Investigation Bureau Nepal Police (CIB) detained him from the Naxal area in Kathmandu on Thursday.
According to CIB, the arrest was made based on a preliminary investigation report by the Securities Board of Nepal, and further investigation is underway.
Golchha, former chair of Himalayan Reinsurance Limited, is being investigated under Sections 94, 95, 96(1) and 98 of the Securities Act, 2007 (Nepal).
Police said legal action is also being pursued under Section 103(3) of the same Act for further investigation. He was taken into custody after obtaining arrest permission from the Kathmandu District Court.
The CIB said further investigation into the case is ongoing. The incident has created ripples in Nepal’s insurance and capital market sectors.
Comment