Rastriya Beema Company Scandal Raises Serious Ethical and Regulatory Concerns

Kathmandu – A recent revelation by Beemapost has exposed a shocking multi-million rupee accounting scandal at the Rastriya Beema Company, prompting serious ethical questions regarding the effectiveness of Nepal’s insurance regulatory framework. Despite frequent inspections by the Regulatory Insurance Authority (RIA) and proximity to key government offices, the company’s embezzlement activities went unnoticed for years.

The issue came to light after Beemapost published evidence of the scam, revealing that millions of rupees had been embezzled over several years. The Rastriya Beema Company’s CEO, Shivahari Shrestha, has denied any knowledge of the scandal, claiming ignorance despite being in charge of the company during the period when the financial discrepancies occurred.

Further investigation has exposed that even before Shrestha’s tenure, the company’s financial statements were not properly audited. The Accounts Committee and the Board of Directors at the Rastriya Beema Company had failed to investigate an embezzlement incident that spanned from 2073 BS to 2075 BS, amounting to Rs 720 million. Shockingly, some of the accused individuals in the scandal remain in top-level positions within the company.

This scandal raises serious questions not only about the oversight of the insurance industry but also about the lack of accountability within regulatory bodies and the failure to conduct thorough audits. It highlights a systemic failure that allowed millions of rupees to be embezzled without detection for years, despite the presence of multiple regulatory agencies and oversight mechanisms.

Corruption Allegations Emerge at Rastriya Beema Company Over Flawed Audit