Share Trader Deependra Agrawal Released on Bail in False Securities Trading Case

Kathmandu: Share trader Deependra Agrawal, who was arrested for allegedly manipulating share prices and engaging in false securities trading, has been released on bail. 

The Central Investigation Bureau (CIB) took a bail of NPR 4,919,865 from Agrawal before releasing him, according to CIB spokesperson Senior Deputy Inspector Shiva Kumar Shrestha.

According to him, Agrawal was released on bail with the consent of the government lawyer under Section 15 of the Code of Criminal Procedure, 2074. This legal provision allows investigation authorities to release individuals in custody on bail, surety, or personal bond if deemed unnecessary to keep them in detention during the investigation.

Agrawal was arrested by the CIB on Poush 4 in the Chundevi area of Kathmandu following a complaint from the Securities Board of Nepal (SEBON). 

According to SEBON’s preliminary investigation report, Agrawal is accused of disseminating misleading information during the trading of Joshi Hydropower Development Company Limited shares to sell shares at inflated prices. 

Under Section 97 (ga) of the Securities Act, 2064, he allegedly concealed facts and presented false information with fraudulent intent.

The report states that Agrawal engaged in self-trading through other TMS users, resulting in no real change of ownership, and earned over NPR 49 lakh in illegal profits. 

Additionally, he is accused of artificially inflating the share price of Corporate Development Bank, according to SEBON’s findings.

While in custody, Agrawal even staged a hunger strike demanding an investigation against the board chairman. The CIB noted that he had previously been arrested for fraud-related offenses.