Lawsuits to Be Filed Against 40 Senior Insurance Industry Executives in Rs. 4 Billion Fraud Case

Kathmandu — Legal cases are set to be filed against around 40 senior figures in Nepal’s insurance sector in connection with an alleged fraud involving more than Rs. 4 billion. The Central Investigation Bureau (CIB) has already submitted its investigation report on the case, which involves Himalayan Reinsurance and other insurance companies, to the District Government Attorney’s Office.

The CIB completed its investigation into the accused, including Deepak Bhatt and Sulabh Agrawal, a director of the Shankar Group, and formally handed over its findings to prosecutors.

The bureau has recommended filing charges against several individuals, including former Himalayan Reinsurance Chairman Shekhar Golchha; Raj Bahadur Shah, director of Jawalakhel Distillery; former Himalayan Reinsurance directors Amit Mor, Rajiv Mor, Shubhechha Kharel, Subhash Kumar Jhunjhunwala, and Manish Kumar; as well as the company’s CEO, Upasana Poudel. The CIB has also recommended naming businessman Rishiraj Mor as a defendant. Many of those implicated have reportedly maintained that they only became aware of the matter during the course of the investigation.

According to the investigation report, more than 40 individuals should be prosecuted. Based on the report, the District Government Attorney’s Office is preparing to file insurance-related criminal charges against approximately 40 people. The cases are expected to be registered at the Kathmandu District Court later this week.

Earlier, the CIB submitted its investigation report concerning the multi-billion-rupee fraud involving Himalayan Reinsurance and other insurance companies to the District Government Attorney’s Office. In its report, the bureau recommended prosecuting Sulabh Agrawal, Deepak Bhatt, and others. Following the submission of the report, the cases are now expected to be formally filed in court this week.