Businessman Deepak Bhatt and Shankar Group Chairman Shulabh Agarwal have completed two months in police custody after being arrested on charges related to money laundering. During this period, Shulabh’s health condition has reportedly deteriorated, requiring repeated hospital admissions, according to departmental sources.
The Central Investigation Bureau (CIB) under the Department of Money Laundering Investigation arrested Bhatt from Lalitpur on Chaitra 18. Two days later, on Chaitra 20, Shankar Group Chairman Shankarlal Agarwal was also detained. While Shankarlal was later released on general appearance after recording his statement, his son Shulabh has remained in custody since Chaitra 21.
Due to the lack of a dedicated detention facility within the Money Laundering Investigation Department, both Bhatt and Shulabh are being held in police custody. Bhatt is currently kept at Police Circle Bouddha, while Shulabh is detained at the Lalitpur District Police Complex. Bhatt has been transferred multiple times during the detention period, initially held at Police Post Pulchowk, then at Sanepa, and later moved to Bouddha.
Concerns have also been raised over alleged preferential treatment in custody. Following these suspicions, a joint inspection team from the Prime Minister’s Office and the department conducted surprise checks at the detention facilities. The Prime Minister’s Office has reportedly initiated a separate investigation into the matter.
Loan and Financial Investigation
According to investigators, around Rs. 430 million from a loan issued by Himalayan Bank in the name of Jagdamba Steel was transferred into Deepak Bhatt’s account. This financial trail has linked the Shankar Group and Bhatt in the ongoing investigation. Authorities are also examining shareholding transactions related to Himalayan Reinsurance Company as part of the broader probe.
Health Condition of Shulabh Agarwal
Shulabh’s health condition has reportedly become critical after prolonged detention. He has been repeatedly admitted to Patan Hospital for treatment. Hospital director Ravi Shakya confirmed that Shulabh was admitted to the mental health ward for 11 days and discharged recently.
He was again hospitalized shortly after discharge due to recurring health issues but was later returned to custody following treatment.
Investigation Nearing Completion
Director General of the Department of Money Laundering Investigation, Nirmal Dhakal, stated that the investigation is in its final phase.
“We are continuously investigating the case involving Shulabh and others. It is now in its concluding stage. Hospital admissions are also part of the investigative process,” he said.
Previous Controversy
Shulabh Agarwal has faced legal issues in the past as well. During the COVID-19 pandemic, he was arrested on allegations of black marketing thermal guns. He was detained on Chaitra 25, 2076, by the Valley Crime Investigation Office from Naxal, Kathmandu. He was accused of selling imported thermal guns at inflated prices, up to Rs. 15,000, and spent 24 days in police custody at that time.
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