Kathmandu. It has been revealed that Sulav Agrawal has resigned from the post of chairman of Himalayan Life Insurance Company after the Department of Money Laundering Investigation started arresting businessmen for investigation.
According to company sources, Agarwal submitted his resignation to the board on Thursday. His resignation was approved by Friday’s board of directors.
Police arrested him from Bhairahawa checkpoint on Saturday morning after he returned to Nepal on the advice of his father Shankarlal Agrawal.
The department is investigating into the alleged misappropriation of investment money of Himalayan Reinsurance, Himalayan Life Insurance, Crest Micro Life and other companies to buy shares in Himalayan Reinsurance Company and Nepal Reinsurance Company in his personal name. The police had also arrested Shankar Lal Agrawal, the chairman of Shankar Group and Sulav’s father, on Friday afternoon to help the department.
Sulabh is the Vice Chairman of Shankar Group and Chairman of Jagdamba Holdings.
