KATHMANDU: Businessman Shekhar Golchha was arrested on Thursday by a team from the Central Investigation Bureau in Kathmandu as part of an insider trading investigation linked to shares of Himalayan Reinsurance Company.

According to Additional Inspector General Manoj KC, Golchha was taken into custody from Naxal following a recommendation by the Securities Board of Nepal.

The Securities Board of Nepal had called for further investigation after its report indicated Golchha’s alleged involvement in facilitating transaction payments on behalf of businessman Deepak Bhatt.

Bhatt is currently in custody in connection with a separate money laundering case. Authorities say Golchha’s role emerged during scrutiny of financial dealings related to the transactions under investigation.