KATHMANDU, May 14: As the money laundering investigation against businessmen Deepak Bhatta and Sulav Agarwal nears its final stage, questions are mounting over alleged attempts by a group linked to them—including government officials and other high-ranking individuals—to influence the probe.
Sources say several individuals connected to Bhatta and Agarwal remain on the run, while the involvement of government officials and their family members in related companies has intensified concerns over possible interference in the investigation.
The shareholding structure of Nepal Micro Insurance Company includes Bhagwati Upadhyaya, wife of Finance Secretary Dr Ghanshyam Upadhyaya, as a founder shareholder. Similarly, Rakhi Niharika, wife of former Director General of the Department of Money Laundering Investigation (DoMLI) Gajendra Thakur, is also listed as a shareholder in Himalayan Reinsurance Limited.
A source at the DoMLI claimed these links have raised suspicions that some officials may be attempting to influence the ongoing investigation against Bhatta and Agarwal.
“Key associates of Bhatta, including liquor entrepreneur Rajbahadur Shah, Rohit Gupta, and Crest Micro Life Insurance Chairman Rishiraj More, are being searched for. Despite police efforts, they have yet to be arrested, raising suspicion that some state mechanisms may be working to weaken the case,” the official said.
According to the source, although the Central Investigation Bureau (CIB) of Nepal Police is investigating Bhatta and Agarwal at the department’s request, the absence of key associates has slowed progress in uncovering the full extent of the case. Another associate, Upendra Hirawat, is also believed to be outside Nepal.
DoMLI initiates probe as concerns of suspected money laundering...
Sources further claim that Hirawat and Bhatta were partners in a pharmaceutical company based in Mizoram, a northeastern state of India. The CIB is reportedly investigating this aspect as well, although officials have declined to comment publicly.
“There is information suggesting that Bhatta has a partnership with Kolkata-based Hirawat in a pharmaceutical company in India. The investigation is ongoing,” a departmental official said, adding that the CIB is treating the matter seriously.
CIB Spokesperson SSP Shiva Bahadur Shrestha said he could not disclose details due to the ongoing investigation. “The investigation is underway. Everything will come out once it is completed,” he said.
Bhatta, who was arrested on April 2, 2026, remains in custody over alleged violations of securities laws and money laundering offences. The Securities Board of Nepal (SEBON) had also investigated his activities and submitted a report.
According to records at the Office of the Company Registrar dated April 4, 2023, Finance Secretary Upadhyaya’s wife holds 10,000 founder shares worth Rs 1 million in Nepal Micro Insurance Company and is listed as the seventh founder shareholder.
Earlier investigations into Bhatta’s investments and transactions had already raised questions regarding the involvement of senior officials and their family members. During that period, it was also revealed that Gajendra Kumar Thakur’s wife held shares in related companies.
Finance Secretary Upadhyaya has previously defended the investment as legitimate, stating that the shares were purchased using legally earned income during his tenure at the Ministry of Home Affairs. He said the payment was made through an Everest Bank cheque on February 2, 2023.
Former Director General Thakur has also acknowledged that his wife holds shares in the company. Bhatta was arrested while Thakur was serving as the department chief.
During the investigation, documents revealed that Rakhi Niharika Thakur held 20,000 shares in Himalayan Reinsurance Limited, which is linked to Bhatta. Sources claim that shareholdings in several other companies involving government officials have further fuelled concerns over possible attempts to influence the probe.
Shareholding details
According to records from the Office of the Company Registrar dated April 4, 2023, Nepal Micro Insurance Company has 46 founder shareholders. The list includes Pashupati Murarka, Shirish Kumar Murarka, Benu Agarwal, Rajesh Kumar Agarwal, Subash Acharya, Bikram Neupane, and Bhagwati Upadhyaya.
Other shareholders include Centrum Capital Pvt Ltd, Sarathi Capital Pvt Ltd, Mobilon Trade International Pvt Ltd, Rahisha Shah (Shrestha), Hulas Autocraft Pvt Ltd, Bizworld Advisory Pvt Ltd, Lian Motors Pvt Ltd, Meena Shrestha, and Jayaprakash Agarwal.
Similarly, Sakshi Bansal (Gupta), Aakash Gupta, Dinanath Khandelwal, Rishav Rungta, Nitu Kayal, Prem Gurung & Group Pvt Ltd, Leela Agarwal, Sulochana Agarwal, Sharad Golchha, Bharat Golchha, Abhigyan Golchha, Printcell Imaging Pvt Ltd, and Shubham Dugar are also listed as shareholders.
Other shareholders include Kriti Agarwal, Anju Bhatta, Praveena Dahal, Udayanarayan BhatTerai, Sita Bhatta, Bikash Agarwal, Mithu Karki, Sharada Rijal, Prerna Joshi, Karuna Tuladhar, Ujjwal Agarwal, Lalika Goyan, Mamata Bhetwal, and Sadikshya Rimal.
Explorer International Pvt Ltd, Aayusha Karki, and Deepak Bhatta are also listed, with Bhatta himself named as a director.
-1778746562.webp)
