Largest-Ever Insurance Sector Case: Money Laundering Charges Filed Against 81 Defendants

Kathmandu – What is being described as the largest case in Nepal’s insurance sector to date has been filed, with money laundering charges brought against 81 individuals and entities accused of manipulating the stock market.

The case stems from allegations that the defendants engaged in artificial and deceptive transactions in violation of securities laws. The prosecution was initiated based on an investigation report prepared by the Securities Board of Nepal, followed by a probe conducted by the Central Investigation Bureau, whose findings were submitted to government prosecutors.

The Office of the Special Government Attorney has filed a money laundering case at the Special Court against 81 defendants, including businessman Deepak Bhatt.

Based on an investigation conducted by the Department of Money Laundering Investigation, prosecutors have named 35 individuals and four companies as defendants in the case.

Among those charged are Deepak Bhatt, Sulabh Agrawal, Shankarlal Agrawal, Sandeep Chachan Agrawal, and Amit Mor. Sandeep Chachan serves as chairman of Broker No. 55.

According to Deputy Attorney General Gangaram Paudel, Bhatt has been charged with laundering funds allegedly misappropriated from companies including Himalayan Reinsurance Limited, with claimed damages amounting to NPR 22 billion.

Bhatt was arrested on April 2, 2026 as part of the money laundering investigation, while Sulabh Agrawal was arrested on April 5, 2026.

Although the charge sheet has been submitted to the Special Court, court information officer Parbati Hitan stated that the money laundering case has not yet been formally registered by the court.

According to a government attorney involved in the case, the total claimed amount in the lawsuit stands at approximately NPR 22.39 billion.