Kathmandu: The Kathmandu District Court has ordered the release of stock market investor Dipendra Agrawal on bail, citing insufficient grounds to keep him in custody for further investigation.
Following the court’s decision, the action initiated under the leadership of Securities Board of Nepal (SEBON) Chairperson Santosh Narayan Shrestha has effectively been put on hold.
Agrawal was arrested 10 days ago by the Central Investigation Bureau (CIB) from Kathmandu’s Chundevi area on the recommendation of SEBON. He was accused of involvement in insider trading related to shares of several companies and had remained in CIB custody since his arrest.
On Sunday, the court ruled that continued detention was unnecessary for investigative purposes and ordered his release after he furnished bail. CIB sources confirmed that procedures to release Agrawal have already begun.
An outspoken investor, Agrawal has repeatedly raised allegations of corruption, irregularities, and mismanagement within SEBON. Claiming that the case against him was retaliatory and biased, he staged a hunger strike while in custody. He has demanded the suspension of SEBON Chair Shrestha and called for reforms to end corruption within the regulatory body.
After Agrawal’s arrest, SEBON Chair Shrestha had told media outlets that no individual involved in insider trading would be spared. However, SEBON sources say no other insider trading cases have so far been referred to police or other authorities apart from Agrawal’s.
Meanwhile, Agrawal’s family filed a habeas corpus petition challenging his detention. His legal team has maintained that he will cooperate fully with the investigation while remaining out on bail.With the court order, Agrawal will now remain free on bail as the case proceeds through legal channels.
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