KATHMANDU: Businessman Shankar Agrawal, chairman of the Shankar Group, has been released by the Department of Money Laundering Investigation (DMLI). He was taken into custody Friday night. DMLI Director General Gajendra Thakur confirmed that Agrawal was released after providing his statement regarding the investigation.

Agrawal is one of Nepal’s top industrialists. He founded the Shankar Group in 1979, which has grown into one of the largest and most diversified business conglomerates in Nepal. Headquartered in Kathmandu, the group comprises over 40 companies across multiple sectors, including Jagdamba Steels, Jagdamba Motors, Shaurya Cement, Riddhi Siddhi Cement, Himalayan Re-Insurance, Union Life Insurance, Jagdamba Enterprises, Jagdamba Flour & Agro, Jagdamba Mobiles, Jagdamba AlcoBev, Jagdamba Overseas, Jagdamba Hospitality (Hilton Hotel), Modikhola Hydropower, Balefi Hydropower, and Jagdamba Hire Purchase, among others.

The Shankar Group has a long-standing legacy in Nepal’s business sector, tracing its origins to 1935 when Agrawal’s father, the late Rawat Lal Agrawal, first established the family enterprise. Over the decades, the group has provided a wide range of globally recognized products and services nationwide.

The recent arrests of Agrawal and his associates, including businessman Deepak Bhatta, have drawn widespread criticism and raised concerns about the business environment, contributing to market uncertainty and a decline in stock values linked to the group’s associated companies.