Kathmandu. The court has ordered the release of businessman Shekhar Golchha on bail of one crore.

KATHMANDU: The Kathmandu District Court on Tuesday released the accused on bail of Rs 75 lakh and Rs 25 lakh in securities charges.

A single bench of Justice Pratima Kumari Bhattarai ordered his release.

Golchha was arrested by the Central Investigation Bureau (CIB) on May 5 for investigation into the insurance charge, soon after he was released on bail of Rs 5 lakh.

Golchha, who is also the former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and chairman of Golchha Group, was arrested for the first time on April 24 for further investigation based on the report of the Securities Board of Nepal.