Kathmandu. Dipendra Agrawal, a stock trader, has been arrested.

The Central Investigation Bureau (CIB) of Nepal Police arrested him from Maharajgunj Chundevi in Kathmandu today.

Agrawal has been arrested under the Securities Act, 2063.

According to the preliminary investigation report of the Board, Agrawal bought the shares of Joshi Hydropower Development Company and sold the shares at a high price by issuing misleading information as per Section 97 (c) of the Securities Act, 2063.

Agrawal was found to have earned a profit of Rs. 49,19,865 against the law and was involved in mutual purchase and sale using other TMS and transactions between relatives and related organizations without changing the actual ownership.

Similarly, the Corporate Development Bank has been found to have inflated the share price artificially and as per Section 94 (a) and (b) and Section 95 of the same Act. Further investigation into the matter is underway, the CIB said.