Share trader Dipendra Agrawal, arrested on fraud charges, has been released on general date.
The District Government Attorney’s Office, Kathmandu, released Agrawal on Wednesday.
Joint Attorney Ramhari Sharma Kafle, chief of the District Government Attorney’s Office, Kathmandu, said that Agrawal was released on general date as there was no immediate need to keep him in custody for investigation.
“Even though he has been released on general date, the investigation on him will continue. Whether a case will be filed or not will be decided based on the police investigation report,” Kafle said.
On Friday, the Kathmandu District Court had granted permission to keep Agrawal in custody for four days.
Superintendent of Police Apil Raj Bohara at the District Police Range, Kathmandu, said that Agrawal is accused of defrauding investors of Rs 64.5 million in connection with share investments.
Agrawal is accused of taking money from victims with promises of providing shares but failing to deliver. His wife and sister are also implicated in the fraud case. The complaint mentions that Rs 10 million was deposited into Agrawal’s wife’s account and Rs 150 million into his sister’s account, SP Bohara said.
After they did not receive shares equivalent to the amount paid, the victims approached the police, accusing Agrawal of fraud and criminal breach of trust.
Agrawal was embroiled in controversies in the past as well.
He was previously investigated for allegedly defrauding investors in the name of Goldman Investment.
Agrawal used social media platforms like Clubhouse to encourage the buying and selling of specific company shares. He was also accused of buying and selling the same shares he promoted.
