CIB writes to SEBON to freeze share transactions of 56 high-profile individuals

KATHMANDU, May 28: The Central Investigation Bureau (CIB) of Nepal Police has recommended freezing the share transactions of 56 high-profile individuals linked to various merchant bankers and insurance companies.

In this regard, the CIB this week wrote to the Securities Board of Nepal (SEBON), requesting it to take necessary action against the accused. The Bureau has sought action against high-profile individuals, including directors and chief executive officers of various insurance companies and merchant bankers, while continuing its investigation into serious offenses under the Securities Act, 2006.

Based on the CIB’s letter, the government has already issued an order seeking details of the individuals in question, including controversial middleman Deepak Bhatta. This has largely exposed the manipulation taking place in the country’s stock exchange market and financial sector.

Under the Bureau’s radar, senior officials of Himalayan Re-Insurance have been recommended for legal action. The CIB has requested the freezing of shares belonging to the company’s Chief Executive Officer Upasana Paudel, directors Amit More, Rajeev More, Khashal Kharel, and Subhash Kumar Jhunjhunwala, as well as investment committee member Manish Kumar.

Similarly, board members of Nepal Micro Insurance — Siddhant Jhunjhunwala, Latika Golyan, Badri Sigdel, Investment Committee Chairman Praveena Dahal, and Sujal Malla — have also come under investigation.

The Bureau has also written to ban the investments of Guardian Micro Life Insurance directors Jayaprakash Jaiswal, Udaya Narayan Bhattarai, Pramod Prasad Bhattarai, Jyoti Agarwal, and Nabaraj Mudbhari, along with CEO Chirayu Bhandari and investment committee members Jyoti Prakash Pandey and Sameer Kharel.

The directors and investment committee officials of Himalayan Life Insurance — Bibek Kumar Shah, Laxman Gyawali, Rajiv Prasad Pyakurel, Ashish Dhakal, Saurabh Dugad, Sachin Acharya, Pramila KC, and Digambar Jha — are also on the CIB’s arrest list.

The concerned authority has also been asked to take control of the share trading activities of Himalaya Security Banker directors Sitaram Wagle and Akanksha Gupta; Himalayan Capserve Chairman Shishir Gaihre; and Himalayan Investment Banker Chairman Kapil Kumar Dahal, along with Rajan Prasad Adhikari, Binu Ghimire, Narayan Kumar Adhikari, Utsav Pradhanang, Subhash Poudel, Shalini Sanghai, and Pratik Joshi