A major legal case has been filed at the Kathmandu District Court against 81 individuals, including senior executives and board members from Nepal’s insurance and reinsurance sector, over allegations of organized illegal activities in the securities market that allegedly defrauded public investors.
The case has drawn widespread attention across Nepal’s insurance industry, as around 60 of the accused are directly associated with insurance companies in various capacities, including promoters, directors, chief executive officers (CEOs), chief financial officers (CFOs), investment committee members, and senior employees.
According to the charge sheet filed by government prosecutors, the accused are alleged to have engaged in coordinated circular trading and securities market manipulation, resulting in alleged financial losses and unlawful gains exceeding Rs. 1.14 billion. Authorities have sought recovery of the claimed amount along with imprisonment and penalties under Section 101 of the Securities Act, 2007 (2063 BS).
The investigation was initiated based on preliminary findings from the Securities Board of Nepal (SEBON) and further inquiries conducted by the Central Investigation Bureau (CIB), which reportedly identified patterns of coordinated trading activity and possible artificial price movements in the market.
Senior Executives Named in the Case
Among the high-profile individuals named in the securities case are:
- Upasana Poudel
- Kapil Kumar Dahal
- Mrigendra Nath Rimal
- Chirayu Bhandari
- Naresh Kumar Roka
- Ram Kumar Yadav
- Pratapman Shrestha
- Manoj Lal Karn
The charge sheet also names several business leaders and company officials linked to insurance, broking, investment management, and reinsurance activities.
Among other notable figures named are:
- Shekhar Golchha
- Deepak Bhatta
- Sulav Agrawal
- Sahil Agrawal
Prosecutors allege that several entities operated through interconnected investment structures and coordinated transactions. Authorities are continuing parallel investigations covering securities offences, insurance-related offences, banking matters, and anti-money laundering concerns across multiple courts.
The case remains under judicial review, and allegations presented in the charge sheet have not been proven in court. Final determinations will depend on the outcome of legal proceedings.
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