The Central Investigation Bureau (CIB) of Nepal Police has recommended freezing the share transactions of 56 prominent individuals associated with various merchant banking and insurance companies over alleged violations in the securities market.
The Bureau this week sent a formal letter to the Securities Board of Nepal (SEBON), urging the regulator to take necessary action against the accused. The investigation is being carried out under provisions of the Securities Act, 2006, targeting alleged irregularities and serious offenses related to share trading and financial transactions.
Among those under investigation are directors, chief executive officers, and investment committee members of several insurance companies and merchant banking institutions. The move has drawn attention to suspected manipulation within Nepal’s stock market and broader financial sector.
Authorities have already issued directives seeking detailed information on the individuals involved, including controversial middleman Deepak Bhatta.
Senior officials of Himalayan Re-Insurance are among those facing recommended legal action. The CIB has sought to freeze the shares of CEO Upasana Paudel, directors Amit More, Rajeev More, Khashal Kharel, and Subhash Kumar Jhunjhunwala, as well as investment committee member Manish Kumar.
Likewise, board members of Nepal Micro Insurance — Siddhant Jhunjhunwala, Latika Golyan, Badri Sigdel, Investment Committee Chairperson Praveena Dahal, and Sujal Malla — have also come under investigation.
The Bureau has further requested restrictions on the investments of Guardian Micro Life Insurance directors Jayaprakash Jaiswal, Udaya Narayan Bhattarai, Pramod Prasad Bhattarai, Jyoti Agarwal, and Nabaraj Mudbhari. CEO Chirayu Bhandari and investment committee members Jyoti Prakash Pandey and Sameer Kharel have also been named.
In a similar development, officials connected to Himalayan Life Insurance — including Bibek Kumar Shah, Laxman Gyawali, Rajiv Prasad Pyakurel, Ashish Dhakal, Saurabh Dugad, Sachin Acharya, Pramila KC, and Digambar Jha — have also been placed under investigation.
The concerned authorities have additionally been asked to monitor and control the share trading activities of Himalaya Security Banker directors Sitaram Wagle and Akanksha Gupta; Himalayan Capserve Chairman Shishir Gaihre; and Himalayan Investment Banker Chairman Kapil Kumar Dahal along with Rajan Prasad Adhikari, Binu Ghimire, Narayan Kumar Adhikari, Utsav Pradhanang, Subhash Poudel, Shalini Sanghai, and Pratik Joshi.
The investigation remains ongoing as authorities continue examining suspected financial misconduct and possible market manipulation involving high-ranking figures in Nepal’s financial sector.
