Kathmandu, July 20: Share market investor Dipendra Agrawal has been arrested from Tokha on charges of fraud and breach of trust, police confirmed Saturday.

According to Kathmandu District Police Office Chief SSP Bhishwa Adhikari, Agrawal was taken into custody following complaints of embezzlement amounting to Rs 220 million. The Securities Board of Nepal (SEBON) had earlier launched a separate investigation into the case and initiated action against Agrawal.

Agrawal, once regarded as a role model by many retail investors, is accused of manipulating the secondary share market. He reportedly bought stocks at low prices and then used social media platforms to falsely assure investors that the prices would rise, urging them to buy the same stocks—only to sell his own holdings once the prices surged due to artificial demand.

Police say Agrawal operated at least 15 different TMS (Trade Management System) accounts, using them to buy and sell stocks within his own control to inflate prices. Once a targeted price was reached, he would offload shares purchased cheaply at a premium.

Further allegations suggest Agrawal misused other investors’ trading accounts without their knowledge and collected payments from brokers while avoiding his own financial liabilities through various pretexts. He is also accused of transferring funds from one trading account to another without authorization, prompting SEBON to take up the matter after formal complaints were filed.

Authorities say investigations are ongoing and additional individuals may be drawn into the widening scandal.

People’s News Monitoring Service