Shankar Group Chairman Shankar Lal Agrawal Arrested in Money Laundering Investigation
4th April 2026, Kathmandu
In a significant move by Nepali financial regulators, Shankar Lal Agrawal, the Chairman of the prominent Shankar Group, was arrested on Friday.
Shankar Group Chairman Arrested
The arrest was carried out at the request of the Department of Money Laundering Investigation (DMLI) to investigate alleged financial irregularities and money-laundering offenses.
Details of the Arrest and Investigation
According to official sources, Agrawal was apprehended during the day on Friday. The Department of Money Laundering Investigation immediately commenced a rigorous interrogation process, recording his formal statement starting at 4:00 PM.
Following the initial questioning, Agrawal was transferred to the District Police Range, Lalitpur, where he is currently being held in custody.
Police Statement on the Detention
SP Gautam Mishra, the spokesperson for the Lalitpur Police Range, confirmed that the business tycoon is currently in their detention facility. However, he emphasized that the police are acting as the custodial authority rather than the lead investigators.
“He was not arrested by our department directly. The Department of Money Laundering Investigation requested that we keep him in custody to facilitate their ongoing inquiry,” stated SP Mishra.
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Impact on the Nepalese Business Sector
The Shankar Group is one of Nepal’s largest and most diversified private conglomerates, with interests ranging from steel and cement to electronics and international trade. The arrest of its chairman has sent shockwaves through the Nepalese business community, raising questions about the scope of the DMLI’s current crackdown on financial crimes.
Key Takeaways of the Case:
Focus of Investigation: Alleged violations of the Money Laundering Prevention Act.
Jurisdiction: Led by the Department of Money Laundering Investigation with custodial support from Lalitpur Police.
Corporate Implication: Potential scrutiny of the financial dealings within the Shankar Group’s various subsidiaries.
What’s Next?
Under Nepali law, the Department of Money Laundering Investigation can seek a remand from the courts to keep a suspect in custody for further questioning. The business community and legal experts are closely watching the proceedings to see if formal charges will be filed following the completion of the statement-recording phase.
This development underscores a tightening of regulatory oversight in Nepal, as authorities move to address high-profile cases involving financial transparency and corporate governance.
For more: Shankar Group Chairman Arrested
