Kathmandu. KATHMANDU: Chief Executive Officer of Himalayan Reinsurance Company, Upasana Poudel, and 81 others have been charged with cheating the general public.
The insurance sector has been rocked by the arrest of 60 employees including promoters, directors, chief executive officers, chief financial officers and various other level employees among the accused.
The charge sheet has named 81 persons as defendants in the charge of embezzling more than Rs 1.14 billion through circular trading in the stock market. The government has demanded imprisonment and fine as per Section 101 of the Securities Act, 2063 after recovering the amount from all the defendants. The Government Attorney’s Office has demanded punishment and recovery under various sections of the Securities Act, 2063.
The accused have been identified as Kapil Kumar Dahal of Himalayan Life Insurance, Mrigendra Nath Rimal of Nepal Micro Insurance, Chirayu Bhandari of Guardian Micro Life, Naresh Kumar Roka of Protective Micro Insurance, Ram Kumar Yadav of Liberty Micro Life and Pratambar Shrestha of Crest Micro Life. Manoj Lal Karna, the former chief executive of Himalayan Life, is also an accused in the case. Dahal has been named as the Chairman of Himalayan Investment Bank.
The chargesheet filed by the District Attorney Office, Kathmandu defams Shanker Group and Deepak Bhatta, which has direct and indirect investment and control of Himalayan Reinsurance, Himalayan Life Insurance, micro insurance companies, brokers and investment companies, and reinsurance brokers.
The list of defendants includes Golchha Group chairman Shekhar Golchha (then chairman of Himalayan Reinsurance), Sahil Agarwal and Rohit Gupta, director of Golchha Group. Deepak Bhatt, a promoter of Infinity Holdings, and Sulav Aggarwal, former chairman of Himalayan Life and a director of Shanker Group, have been named in the case. Sulav Agrawal’s wife Shubhi Agrawal is also involved in the business.
Similarly, business houses, securities brokers and top executives of half a dozen insurance companies have been named as defendants. The charge sheet was filed by the Office of the Government Attorney on the basis of the preliminary investigation by the Securities Board of Nepal and the report of the Central Investigation Bureau (CIB) of Nepal Police.
Affiliates in Himalayan Reinsurance
1. Upasana Poudel, Chief Executive Officer
2. Amit Mor Operator
3. Rajiv Mor Operator
4. Good luck with
5. Subhas Kumar Jhunjhunwala, Director
6. Manish Kumar Investment Committee Member
7. Shekhar Golchha then President
8. Rohit Gupta, then Director
9. Shahil Agarwal, Investment Committee Coordinator
10. Sulabh Agarwal, then Director
Himalayan Life Insurance Affiliates
1. Vivek Kumar Shah Operator
2. Laxman Gyawali Director
3. Rajiv Prasad Pyakurel, Director
4. Ashish Dhakal, Director
5. Saurabh Dugar Operator
6. Sachin Acharya Director
7. Pramila KC Operator
8. Digambar Jha Director
Guardian Micro Life affiliates:
1. Dr. Jaiprakash Jaiswal Operator
2. Udaynarayan Bhattarai, Director
3. Pramod Prasad Bhattarai, Director
4. Jyoti Agarwal Operator
5. Navaraj Mudbhari Director
6. Chirayu Bhandari Chief Executive Officer
7. Jyoti Prakash Pandey Investment Committee Member
8. Sameer Kharel Investment Committee Member
Protective Micro Insurance:
1. Dinesh Saria Member of Director
2. Nitesh Malpani, Member of Director
3. Bhanubhakta Pokhrel Board Member
4. Kirtika Agarwal is the Chairman of the Board of Directors
5. Niru Dahal Board Member
6. Ganesh Raj Pant Board Member
7. Dipesh Kumar Shrestha Investment Committee Member Secretary
8. Naresh Kumar Roka, Chief Executive Officer
Crest Micro Insurance Affiliates:
1. Vidur Puri Operator
2. Mridula Saria Operator
3. Binod Narsingh Shrestha, Director
4. Ishwarlal Shrestha Operator
5. Sunita Maharjan, Director
6. Rohit Karan Vaidya, Investment Coordinator
7. Pratapar Shrestha Chief Executive Officer
8. Risharaj Mor, then Chairman
9. Pavitra Lal Chuke then Member of Board
Liberty Micro Life Insurance Affiliates:
1. Balram Khatri Board Member
2. Neha Aggarwal, Board Member
3. Asis Singh, Member of Directors
4. Ram Kumar Yadav, Chief Executive Officer
5. Devendra Dhital, Head of Finance Department
6. Nicholas Pandey Chairman
7. Manish Timilsina Coordinator
Affiliates in Nepal Micro Insurance:
1 Ashish Shrestha Chairman
2 Mrigendra Nath Rimal, Chief Executive Officer
3 Principle Jhunjhunwala Operator
4 Latika Golyan Operator
5 Badri Sigdel Operator
6 Pravina Dahal Director
7 Sujal Malla Investment Committee Member
Affiliates in Guardian Micro Life Insurance:
1. Udip Shrestha, Chairman
2. Trishila Jhunjhunwala Operator
