Department of Money Laundering Investigation Reports Guardian Micro Life and Protective Micro Chairmen Unreachable
Kathmandu — The chairmen of Guardian Micro Life Insurance and Protective Micro Insurance have reportedly become unreachable amid an ongoing investigation into insurance company share investments.
The Department of Money Laundering Investigation has already directed the chairpersons and shareholders of eight insurance companies to disclose the source and details of premium amounts paid while purchasing shares.
During the course of the investigation, Udeep Shrestha of Panchakanya Group, chairman of Guardian Micro Life Insurance, and Dinesh Saria of Nepal Tea Industries, chairman of Protective Micro Insurance, were found to be out of contact, according to sources involved in the inquiry.
The department has sought detailed information regarding premium amounts deposited into the accounts of individuals or institutions outside the companies’ paid-up capital structure.
Authorities have requested the names of account holders, bank account numbers, and details of the financial institutions used in the transactions. All concerned parties have been instructed to submit the required information within 15 days.
The investigation was initiated following a probe conducted by the Central Investigation Bureau of Nepal Police.