Nepal's Biggest Money Laundering Case Reaches Special Court With Claims Exceeding Rs 115 Arba

Nepal's largest-ever money laundering and financial misappropriation case has been filed at the Special Court, with authorities alleging financial irregularities involving more than Rs 115 Arba.

The Department of Money Laundering Investigation (DoMLI) submitted the charge sheet on Thursday after a five-month investigation. The department has charged 39 individuals and several companies, claiming that more than Rs 106 Arba 25 Crore was directly linked to suspected illicit financial activities, while the broader scale of transactions under investigation exceeds Rs 115 Arba.

According to investigators, the case involves alleged share price manipulation, misuse of insurance funds, routing of money through brokerage firms, concealment of beneficial ownership through corporate structures, and layering of transactions to project illicit funds as legitimate assets.

Businessman Deepak Bhatta is the main accused in the case, with authorities seeking recovery of Rs 26 Arba 63 Crore. He is currently in police custody. Another major accused, Sulabh Agrawal, faces claims of Rs 25 Arba 59 Crore, while additional claims have been filed against his wife Subhi Agrawal and son Krishiv Agrawal.

Investigators have also named executives and associates linked to stock brokerage firms, reinsurance companies, micro-insurance companies, and investment entities, alleging their involvement in facilitating or benefiting from the financial network under investigation. Former Nepal Insurance Authority chairpersons Sharad Ojha and Madan Dahal have also been named in the case, with combined claims exceeding Rs 3 Arba 50 Crore.

The Department of Money Laundering Investigation has alleged that regulatory weaknesses and influence networks may have enabled the large-scale movement and concealment of funds within the formal financial system. The agency stated that the case reflects an organized structure of financial crime involving both private-sector actors and regulatory institutions.

In addition to recovering the disputed amounts, investigators have sought penalties under the Money Laundering Prevention Act, 2008, including fines of up to double the claimed amounts.

Major Defendants And Claimed Amounts

• Deepak Bhatta – Rs 26 Arba 63 Crore

• Sulabh Agrawal – Rs 25 Arba 59 Crore

• Subhi Agrawal – Rs 3 Arba 96 Crore

• Krishiv Agrawal – Rs 32 Crore 83 Lakh

• Rishi Raj More – Rs 3 Arba 78 Crore

• Amit More – Rs 12 Crore 6 Lakh

• Rajkumar More – Rs 27 Crore 69 Lakh

• Sandeep Chachan Aggarwal and Bhrikuti Stock Broking – Rs 14 Arba 58 Crore

• Sahil Aggrawal – Rs 6 Arba 4 Crore

• Raj Bahadur Shah – Rs 1 Arba 41 Crore

• Ritesh Pradhan – Rs 37 Crore

• Sumer Shamsher JBR – Rs 1 Arba 27 Crore

• Subash Bahadur Shrestha – Rs 45 Crore 94 Lakh

• Manoj Kumar Lal Karna – Rs 7 Arba 22 Crore

• Surendra Thapa – Rs 4 Crore 90 Lakh

• Ram Kumar Yadav – Rs 4 Crore 20 Lakh

• Pratap Man Shrestha – Rs 23 Crore 73 Lakh

• Naresh Kumar Roka – Rs 11 Crore 90 Lakh 90 Thousand

• Chirayu Bhandari – Rs 40 Crore 49 Lakh

• Shankarlal Agrawal – Rs 21 Crore 0 Lakh 7 Thousand

• Sharad Ojha and Madan Dahal – Rs 3 Arba 50 Crore

Investigators have sought recovery of the disputed amounts and additional penalties under the Money Laundering Prevention Act. The charge sheet has been filed against 39 individuals and several companies following a five-month investigation by the Department of Money Laundering Investigation, and the case has now been registered at the Special Court.