Former Himalayan Life Chairman and CEO Found to Have Misused Life Insurance Fund

Kathmandu – Former Sulabh Agrawal, chairman of Himalayan Life Insurance Limited, and the company’s former Chief Executive Officer Manoj Kumar Lal Karn have been found to have misused funds from the life insurance fund.

According to the findings, Deepak Bhatt, Sulabh Agrawal, and groups of institutional and individual investors allegedly coordinated efforts to influence the market price of Nepal Reinsurance Company Limited shares. The scheme allegedly involved artificially restricting the supply of shares in the market while misusing funds belonging to public institutional companies to support the strategy.

Investigators found that Himalayan Life was used as a major buyer and seller in these transactions. The company reportedly accounted for 44.128 percent of total purchased shares and 46.163 percent of total sold shares, making it the single largest participant on both sides of the transactions.

Based on these findings, the accused, including former Himalayan Life Chairman Sulabh Agrawal and former CEO Manoj Kumar Lal Karna are alleged to have engaged in severe misuse of life insurance fund assets.