KATHMANDU, May 7: Several business partners of businessman Deepak Bhatta, who was arrested in a money laundering investigation, remain on the run as the probe widens into complex financial transactions involving insurance companies and brokerage firms.
While Bhatta’s associate Sulav Agrawal has already been arrested, other key partners are still untraceable, according to police.
Police sources said Upendra Hirawat, an undisclosed business partner of Bhatta and Agrawal, is believed to be outside Nepal. Another associate, Rajbahadur Shah—once a prominent liquor entrepreneur honored for being one of the highest taxpayers—also remains out of contact.
Similarly, Rohit Gupta has not been located and is suspected to have left the country. Rishiraj Mor, chairman of Crest Micro Life Insurance and another associate of Bhatta, is also out of contact with authorities. Mor had earlier stepped down from his board positions after being linked to the investigation.
The Central Investigation Bureau (CIB) of Nepal Police and the Department of Money Laundering Investigation (DoMLI) are jointly probing the case. CIB spokesperson SSP Shiva Bahadur Shrestha said details cannot be disclosed at this stage, adding that the investigation is being carried out “based on evidence and the law.”
DoMLI initiates probe as concerns of suspected money laundering...
According to investigators, Bhatta is accused of using around Rs 2.73 billion from Himalayan Reinsurance to purchase shares in his own name. He is also alleged to have mobilised Rs 220 million from Himalayan Investment Bank, Rs 160 million from Nepal Micro Insurance, Rs 250 million from HLI Large Cap Fund, and Rs 370 million from Himalayan Capital Services.
Investigators further found that Mor also received around Rs 230 million during the process. Bhatta is said to have used funds from public companies to purchase shares, including 1.979 million units of Nepal Reinsurance, 1.125 million units of Guardian Micro Life Insurance, and 1.125 million units of Nepal Micro Life Insurance.
The diverted funds, routed through Bhrikuti Stock Broking Company Pvt. Ltd., are believed to have reached More, prompting DoMLI to record his statement before he went out of contact.
Meanwhile, investigators have also begun probing how Sulav Agrawal acquired institutional shares in eight micro-insurance companies, including Himalayan Reinsurance. Nepal Micro Insurance Company Chairman Ashish Shrestha has already been arrested by the CIB on charges related to insurance offenses.
He was arrested from Kageshwori Manohara Municipality-5 on Tuesday, according to a CIB statement. Based on a letter from the Nepal Insurance Authority dated April 21 and a surprise on-site inspection report, the company is accused of violating Section 140(10)(G) of the Insurance Act 2022.
Agrawal’s wife, Shubhi Agrawal, is also under investigation and is currently being questioned by police. Her securities trading records are being examined in connection with Bhatta’s business transactions.
During the period under review, Bhrikuti Stock Broking Company Pvt. Ltd. was owed an outstanding amount of around Rs 1.36 billion as of June 30, 2025. However, by February 6, 2026, the amount had reportedly come down to Rs 628.9 million.
She is also reported to have traded shares of Nepal Reinsurance Company, NLG Insurance Company, and Guardian Micro Life Insurance during the same period.
In a related development, the Kathmandu District Court has refused to extend the custody of businessman Shekhar Golchha. Although he had previously been arrested and released on court orders, he was re-arrested by police, but the court declined further custody extension on Wednesday.
The DoMLI has also issued a public notice seeking details of shareholders who purchased institutional shares in companies linked to Bhatta, including Nepal Micro Insurance, Guardian Micro Life Insurance, Crest Micro Life Insurance, Liberty Micro Life Insurance, Protective Insurance Company, Star Micro Insurance Company, Trust Micro Insurance Company, and Himalayan Reinsurance.
While some share purchase details have already surfaced, it remains unclear whether the shares were bought at the institutional face value of Rs 100 per unit
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