The Central Investigation Bureau (CIB) re-arrested businessman Shekhar Golchha hours after the Supreme Court ordered his release on bail on Monday.

A division bench of Justices Mahesh Sharma Paudel and Shreekanta Paudel had directed authorities to release Golchha on bail. He was taken back into custody later the same night.

Senior Superintendent of Police Shiva Kumar Shrestha said the detention relates to a separate case under investigation. “The court’s order concerned a securities offence, but he is being investigated in another case,” he said. “He was therefore not released.”

Golchha, former president of the Federation of Nepalese Chambers of Commerce and Industry and former chair of Himalayan Reinsurance Limited, was first arrested on April 23 from Naxal, Kathmandu.

The CIB said he was detained based on a preliminary report by the Securities Board of Nepal into alleged irregularities in share transactions.

Golchha’s wife, Sima Golchha, had filed a habeas corpus petition challenging his detention.

The court ruled that investigators had sought remand despite provisions allowing release on bail or guarantee, and annulled the process used to keep him in custody.

Following the order, police detained him under a separate offence.

Police had obtained court approval four times since April 24 to keep him in custody.

The case involves alleged collusion in share trading, with a group including Deepak Bhatta and Sulav Agrawal. A supervisory report by the securities regulator had flagged six individuals, including Golchha, for suspected involvement.

The government had directed the CIB to act on the report’s recommendations.