Nepal Construction Entrepreneurs Federation Chairman Nicholas Pandey Accused in Securities Offense

Kathmandu. Federation of Nepal Construction Entrepreneurs Chairman Nicholas Pandey has also been found involved in a securities-related offense linked to businessman Deepak Bhatta. Based on the investigation report by the Central Investigation Bureau, the District Government Attorney's Office has filed a case in court naming Chairman Pandey as a defendant. According to the charge sheet, Pandey has been declared a fugitive defendant.

Pandey, a resident of Bharatpur Metropolitan City Ward No.-10 in Chitwan, is the son of former minister Bikram Pandey. It has been revealed that he is a director of Liberty Micro Life Insurance Limited, founded by Bhatta.

There are 81 defendants in the securities-related offense case filed on Thursday. Police investigation concluded that Liberty, where Pandey is a director, manipulated and increased the share prices of Nepal Reinsurance Limited and NLG Insurance Company.

Concluding that this constituted an offense under the Securities Act 2063, the CIB's investigation report stated that the directors of Liberty, in collusion with other individuals and organizations, engaged in deception and planning against investors and the overall securities market.

The government attorney has sought a claim of 9.9 million rupees, concluding that Pandey and others caused a loss of 9.9 million rupees to Liberty through fraudulent transactions. His father, Bikram Pandey, is a former minister and a director of Kalika Construction. The CIB had also arrested and investigated Bikram for the offense of capturing contracts by hacking the bidding system.