Kathmandu: In his formal statement to the Department of Money Laundering Investigation, prominent industrialist Shekhar Golchha has sought to reframe grave allegations as a matter of professional prudence and strategic business timing.
He attempted to legally distance himself from Deepak Bhatta, the central figure in this scandal, by characterizing their relationship as purely social rather than a commercial partnership. By claiming that they had only met a few times and shared no joint ventures, Golchha aimed to dismantle the prosecution’s narrative of a coordinated illicit alliance.
Regarding the NPR 525 million balance at Bhrikuti Stock Broking, Golchha utilized market volatility as his primary defence. While admitting that he deposited the funds, which he maintains are legitimate earnings, at the brokerage for the purpose of investing in the secondary market, he argued that the failure to actually purchase shares was a calculated response to unfavourable market conditions.
This line of reasoning attempts to portray the stagnant funds not as a “proceeds of crime” but as “legitimate capital awaiting a favorable investment window,” a move he described as standard investment logic rather than criminal activity.
Golchha also moved to isolate himself from the alleged misappropriation of funds during his tenure as the Chairman of Himalayan Re-insurance. He asserted total institutional ignorance regarding the use of company funds to purchase shares in individual names, claiming that the board never authorized such illegal or controversial resolutions. By emphasizing the absence of his signature or consent on any such transactions, he effectively shifted the responsibility for any wrongdoing onto the potential negligence or malintent of the brokerage firm and other specific officials.
In his detailed testimony, Golchha confirmed the transfer of funds to the brokerage across various dates but denied any awareness that the money was used for share purchases under Deepak Bhatt’s name. He insisted that he never authorized such a transaction and remains unaware of how or why the brokerage utilized the funds in that manner.
He clarified that the deposit was made based on consultations with business associates like Rohit Gupta, Raj Bahadur Shah, Sulav Agrawal, and Amit More to invest in the stock market, rather than as an intended benefit for Bhatta. He added that the brokerage had recently given him a verbal assurance that his funds would be returned within a month.
Golchha further stated that he does not personally know the Chairman of the brokerage firm and does not even hold a Demat account with them, reinforcing his claim that there was no deep-rooted connection to the firm beyond this specific transaction. He categorically denied that the funds were part of a larger scheme to seize a majority stake in Nepal Re-insurance or to monopolize the insurance sector.
Having recently resigned from the chairmanship of Himalayan Re-insurance, he maintained that he was entirely unaware of the diversion of over Rs 3.81 billion from the company’s accounts into Bhatt’s name or into accounts belonging to Sulav Agrawal’s family.
Concluding his defence, Golchha argued that since these transactions occurred outside of his knowledge, consent, or authorization, he cannot be held morally or legally responsible. He called for a rigorous investigation to identify whose negligence or bad faith led to the misuse of these funds. He denied being part of any organized plan to facilitate money laundering or to violate Section 140 of the Insurance Act, asserting that his only involvement was providing capital for what he believed would be legitimate stock investments.
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