The Rise & Fall Ledger
Every great Nepali fortune has two columns. The Ledger records both: how each name rose, what has gone wrong, and where they stand today.
The Ledger summarises public reporting and each person’s legal status as of 10 October 2026, with the source for each line and a link to our story. An arrest, investigation or charge is not a finding of guilt. We did not contact the people listed; anyone named may send a response to [email protected], and we will publish relevant replies.
| Name & house | How they rose | What has happened since | Status |
|---|---|---|---|
| Shekhar GolchhaGolchha Group | Heir to Nepal's first jute mill; FNCCI president 2020–23. | Detained in April 2026 and charged in October in the Himalayan Re case; he denies wrongdoing. The Kathmandu Post | Charged, no verdict |
| GB RaiGorkha Media Network | Launched Galaxy 4K to rival Nepal's biggest broadcasters. | Arrest warrants issued in the cooperative funds case; believed to be abroad. Online Khabar | Wanted |
| Devi Prakash BhattachanPrabhu Group | Built a remittance agent into a commercial bank through seven mergers and won a parliamentary seat. | A case was filed against him in December 2025; there is no verdict. Kantipur | Charged, no verdict |
Read the stories
Prabhu Group's Devi Prakash Bhattachan: from remittances to a bank, and a fraud case still before the court
The chairman who built a money-transfer business into a commercial bank and a life insurer faces a fraud case over unpaid remittance agents, which he denies. Nearly a year after it was filed, no verdict has been reported.
GB Rai, Gorkha Media and the cooperative savings still caught up in court
A parliamentary committee said cooperative savings reached GB Rai's television company. He remains abroad, the heaviest charges were dropped in May 2026, and the cooperative fraud charges have not been tested in court.
Cosmic Air Nepal: how the first private jet airline rose and fell
Cosmic Air put the first jets on Nepal's domestic routes and flew to Delhi, Dhaka, Kolkata and Varanasi. Fare cuts, fuel debts and lease arrears grounded it within two years, and the regulator cancelled its certificate in 2010.
Janakpur Cigarette Factory: how Nepal's state cigarette monopoly fell
A Soviet-aided factory once ran Nepal's cigarette market. Private competition, losses and politics shut it in 2011. Its land is now worth more than the business, and it houses Madhesh Province's government.
Nepal Bangladesh Bank: the run, the NRB takeover and the Nabil merger
A 1994 joint venture with two Bangladeshi lenders suffered a run in November 2006, was taken over by Nepal Rastra Bank, recovered under its management and was absorbed by Nabil Bank in 2022.
Nepal's oldest industrial house and the court cases facing its chairman, Shekhar Golchha
The Golchha family's roots go back to Nepal's first factory. Its chairman, a former FNCCI president, is now a defendant in insurance and money-laundering cases linked to Himalayan Reinsurance. He denies wrongdoing and is on bail.