KATHMANDU, May 7: An investigation has been initiated into the promoter shareholders of eight insurance companies, with Nepal’s Department of Money Laundering Investigation (DoMLI) issuing a public notice requiring disclosure of the source of premium payments made during share purchases.
The notice specifically targets promoters of Nepal Micro Insurance, Guardian Micro Life Insurance, Crest Micro Life Insurance, Liberty Micro Life Insurance, Protective Insurance, Star Micro Insurance, Trust Micro Insurance and Himalayan Reinsurance. Promoters have been instructed to provide detailed information on premium amounts deposited in excess of the companies’ paid-up capital, including the names of account holders, bank account numbers and the financial institutions involved. The DoMLI has given a 15-day deadline for submission of the required details.
The move follows an earlier investigation conducted by Nepal Police’s Central Investigation Bureau (CIB), which reportedly found that individuals including Deepak Bhatta and Sulav Agrawal were involved in the buying and selling of shares in these companies through Bhrikuti Stock Broking Company.
DoMLI initiates probe as concerns of suspected money laundering...
In a related development, the chairman of National Micro Insurance Company, Ashish Lal Shrestha (Leon Motors), has been released after appearing before authorities and has been handed over to his family. However, Udeep Shrestha (Panchakanya Group), chairman of Guardian Micro Life Insurance; Rishi Raj Mor (Lucky Group), former chairman of Crest Micro Finance; and Dinesh Sariya (Nepal Tea Industries), chairman of Protective Micro Insurance, remain out of contact.
Investigations have also found that Himalayan Reinsurance acquired shares from Infinity Holdings before transferring them to other insurance companies. Reports further indicate that Bhatta holds significant stakes and is a key investor across several of the implicated firms.
Under prevailing Nepali law, promoters are prohibited from engaging in share transactions among companies in which they hold interests, raising concerns of potential regulatory violations.
Prominent industrialist Shekhar Golchha has also been drawn into the investigation amid allegations of financial irregularities and possible money laundering-related offenses.
The case has intensified scrutiny over governance practices in Nepal’s insurance sector, raising broader concerns about transparency, regulatory compliance, and financial integrity.
