While Agrawal arrested, 2 suspects still faraway

One of Nepal’s most well-known share market figures, Dipendra Agrawal, has been arrested in connection with a massive fraud case involving over Rs. 645 million. The incident has once again raised serious questions about transparency, manipulation, and unchecked fraud in the country’s stock market.

Agrawal, aged 42, was taken into custody by Kathmandu Police from the Tokha area on Monday, just a week after a formal arrest warrant was issued by the District Court on Asar 30. He is accused of defrauding a single investor, Dinesh Prasad Sah from Janakpur, under the pretense of delivering high-value shares.

According to police reports, Sah transferred the amount into Agrawal’s account after being promised a significant allotment of shares. However, he neither received the promised shares nor got his money back. Left with no option, the victim approached the police.

Initial investigations show that the fraud was disguised as a stock investment deal, a tactic increasingly used in high-profile market scams. Kathmandu police are also tracking two other accomplices believed to be involved in the operation, but their identities remain undisclosed.

This isn’t Agrawal’s first brush with controversy. Over the past year, Nepal Stock Exchange (NEPSE) insiders and retail investors have accused him of artificially inflating stock prices. Reports suggest he used 15 separate TMS (Trading Management System) accounts to buy and sell the same stocks—creating a fake demand and driving prices up.

Sources claim he often bought shares at low prices, then hyped the same stocks on social media. Once retail investors started buying, he would exit his positions at a profit, leaving others trapped in losses.

Following his arrest, Nepal Securities Board (SEBON) is also under fire for delayed enforcement. Although the board had initiated preliminary investigations against Agrawal in the past, no strict regulatory action was taken until now.

Market experts now demand tighter oversight on:

• TMS account operations
• Insider manipulation
• Fake share commitments
• Social media-based price influence

With over Rs. 645 million involved in this one case, investors are calling for SEBON and NEPSE to implement stricter real-time surveillance and transparency requirements for big traders and brokerage-linked activities.