Kathmandu. The incidence of financial crimes has been on the rise in recent years. Those involved in financial crimes have started creating dramas of sharesharing in recent times. The latest example of this is the case of Himalayan Life Insurance.

Shulabh Agrawal, the then chairman of Himalayan Life Insurance, sold the shares to his son Krishib Agrawal. It has been revealed that Agrawal has traded shares worth Rs 34,42,83,358.

Shulav sold 803,031 units of shares of his son Krishib from August 22, 2082 to August 19, 2022. Agrawal sold the shares in a span of 10 days.

The Department of Money Laundering is currently investigating businessman Sulav Agrawal on the charge of money laundering. During the investigation, his son Krishi Bami was also dragged into the investigation of the transaction of Himalayan Life Insurance. Agrawal is also the business partner of Deepak Bhatta, who is in police custody for the investigation. The facts show that Shulabh sold the shares of Krishib in the name of the family.

On May 28, 2002, Shulabh had filed an application for transfer of 8,03,031 units of shares of Himalayan Company in the name of Krishi Agrawal as per the settlement agreement reached in the presence of Kathmandu District Court. On May 16, Shulabh and Krishib had settled the case in the Kathmandu District Court.

They had filed an application with the Bhrikuti Stock Broking Company with a copy of the letters issued by the court. On June 20, Bhrikuti Stock Broking had sent a letter to CDS and Clearing with details.

According to a letter sent by Himalayan Life Insurance Company from CDSC on December 2, 2019, the Kathmandu District Court had directed the government to transfer 8,03,031 units of shares to the general public shares. The CDSC had decided to lift the ISIN level moratorium and released the shares.

According to the report, Krishib Agrawal had sent Rs 32,83,80,202 from Bhrikuti stock to Nepal Investment Mega Bank through RTGS on September 23.

Shulabh Agrawal was paid Rs 23 crore on September 26 from the sale of shares. On July 22, Rs 2 crore was paid in the name of Lalita Agrawal, the grandmother of the farmer. Sept. 12. It has been found that the payment was made to Jagdamba Steels Limited in Rs 7 crore and Rs 84 lakh respectively. During this period, the shares were sold at a price ranging from Rs 404 to a maximum of Rs 453 per share.

According to the study, it has been found that the share was distributed with the intention of selling the shares fraudulently in accordance with the provisions of Sub-rule (1A) of Rule 38 of the Securities Registration and Issue Regulations, 2073 by handing over 8,03,031 units of shares to the dispute raiser in a case that started with the practical reasons of husband and wife and to a person who has just entered the age of majority. This transaction is also seen to be done by the same person. “The then chairman of the company, Agrawal, sold the shares to his son Krishib Agrawal by deceiving the legal provisions of Rule 38 (1A) of the Securities Registration and Issue Regulations, 2073 BS,” reads the report ।

According to the report, Shulabh Agrawal had sold the shares to his son Krishi Agrawal by transferring the rights to his son Krishi Agrawal when he was the chairman of Himalayan Life Insurance Company due to the legal provisions of Sub-rule (1A) of Rule 38 of the Securities Registration and Issue Regulations. According to Section 98 of the Act, 2006, there is a clear basis for fraudulent transactions.

Section 101 of the Securities Act provides for a fine of Rs 100,000 to Rs 300,000 or imprisonment up to two years or both. It has also been mentioned that the victims should be compensated.