KATHMANDU, Aug 6 : Jayanta Srivastav, General Manager of Siprabi Securities, has surrendered to the Kathmandu Police Range after being accused of defrauding investors of over Rs 110 million related to share transactions.
According to police, stock investor Dipendra Agrawal filed a complaint alleging that Srivastav failed to return Rs 115.5 million owed to 15 individuals including Mita Murarka Agrawal and Jyoti Agrawal from share trading settlements.
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Srivastav appeared at the police office following the complaint. Officials stated that legal proceedings to place him in custody for further investigation are underway with the permission of the Kathmandu District Court.
Preliminary investigation by the Securities Board of Nepal (SEBON) shows that Agrawal had been conducting share transactions under the names of 15 individuals, buying and selling shares himself in their names to manipulate prices. He reportedly used social media to influence the public to purchase shares as prices rose.
Police said the brokerage firm failed to settle dues amounting to Rs 115.5 million with two of the complainants, prompting the fraud accusation.
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