A major financial scandal involving the alleged misuse of billions of rupees from insurance companies has taken a new turn after Nepal's Central Investigation Bureau (CIB) recommended legal action against 40 individuals and institutions. However, the release of the investigation report has triggered fresh controversy, with market participants questioning why several influential figures repeatedly linked to the case do not appear to be facing prosecution.
The investigation centers on transactions involving Himalayan Life Insurance, Himalayan Reinsurance, Bhirkuti Stock Broking, and several micro-insurance companies. Among the names most frequently associated with the controversy are former Himalayan Life Chief Executive Officer Manoj Kumar Karn, businessman Deepak Bhatt, and members of the Agrawal family.
One of the most serious findings in the report concerns NPR 2.73 billion originating from Himalayan Reinsurance. According to the CIB, the funds were allegedly used to settle share market transactions conducted through various individual client accounts. The report states that Bhirkuti Stock Broking acknowledged that the money was utilized in accounts linked to Deepak Bhatt, Raj Bahadur Shah, Shubhi Agrawal, and Rishi Raj Mora. This suggests that institutional resources from a reinsurance company may have been used to finance private share trading activities.
Another significant aspect of the investigation involves former Himalayan Life Chairman Shulabh Agrawal. Under securities regulations, individuals serving as chairpersons of listed companies are restricted from directly engaging in share trading activities. The report indicates that 803,031 shares registered in Shulabh Agrawal’s name were transferred to his son Krishiv Agrawal through a court settlement arrangement.
Following the sale of those shares, more than NPR 328.3 million was deposited into Krishiv Agrawal’s account. Banking records reviewed during the investigation reportedly show that NPR 230 million of that amount was transferred back to Shulabh Agrawal within a matter of days. Investigators have viewed this sequence of transactions as a potential mechanism for circumventing legal restrictions on share trading.
The alleged misuse of funds was not limited to the parent companies. The report also points to approximately NPR 370 million in financial irregularities within Himalayan Capserve Limited, a subsidiary of Himalayan Reinsurance. Investigators concluded that a broader network may have existed in which corporate funds were used to influence stock market activities and facilitate trading for specific groups of investors.
Despite these findings, market analysts argue that the investigation does not fully explain who ultimately directed or controlled the structure behind the transactions. While the report identifies money flows and organizational links, questions remain about whether all key decision-makers have been held accountable.
Much of the attention has focused on former Himalayan Life CEO Manoj Kumar Karn. According to industry sources, Karn played a significant role in connecting major investors, brokerage firms, and insurance companies during his tenure. His influence reportedly extended from facilitating strategic investments in life insurance companies to playing an active role in major mergers within Nepal's insurance sector.
Industry observers claim that following the merger that created Himalayan Life Insurance, decision-making power became increasingly concentrated, and Bhirkuti Stock Broking emerged as a central channel for share transactions involving multiple investor groups. Although these allegations have circulated within financial circles for years, many market participants were surprised that Karn's role did not feature more prominently in the CIB's final prosecution recommendations.
The investigation has undoubtedly revealed a complex network of financial transactions, identified the movement of billions of rupees, and recommended legal action against dozens of individuals and entities. Yet the report's own findings have fueled ongoing debate about whether the investigation reached the true center of the alleged scheme.
As the case moves toward potential prosecution, the most important unanswered question remains whether legal action will ultimately extend beyond those already named and reach the individuals who may have orchestrated the broader structure behind one of Nepal's most significant financial scandals in recent years.
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