Kathmandu. KATHMANDU: The Department of Money Laundering Investigation (PMLA) has filed cases at the Special Court against more than half a dozen chief executive officers (CEOs) and dozens of directors of insurance and reinsurance companies on the charge of financial crimes.

With the registration of the case, the accused have been automatically suspended. With the suspension, the chief executives of Nepal Re-Insurance, Himalayan Re-Insurance and various micro-insurance companies have resigned from their responsibilities. According to the charge sheet, the insurance companies have been arrested for their involvement in the financial crime case related to Deepak Bhatt and Sulav Agrawal.

The action has been taken against CEO of Nepal Re-Insurance, Surendra Thapa of Nepal Re-Insurance, CEO of Himalayan Re-Insurance, Upasana Poudel, CEO of Liberty Micro Life Insurance, Ram Kumar Yadav of Liberty Micro Life Insurance, Pratapendra Shrestha of Crest Micro, Naresh Kumar Roka of Protective Micro Insurance, Chirayu Bhandari of Guardian Micro Life and Mrigendra Nath Rimal of Nepal Micro Insurance.

Former chairman of Nepal Insurance Authority Madan Dahal has also been suspended from the post of joint-secretary in the same case. Former chairman of the NRA, Sharad Ojha, is also under investigation. With the filing of the case in the special court, the accused have become legally disqualified from holding any post in government bodies and listed companies. Dozens of directors of insurance companies have also been suspended in this case.

The Department of Money Laundering Investigation has also filed cases at the Special Court against high officials and directors of various companies associated with Himalayan Re-Insurance. The case against independent director of Himalayan Reinsurance Company Subhash Kumar Jhunjhunwala, Chief Executive Officer of Himalayan Investment Banker Limited Sumer Shumsher JB Rana, CEO of Himalayan Securities Banker Subash Bahadur Shrestha, Executive Director of Himalayan Reinsurance Company Manish Kumar and then Executive Director Deepak Kumar Shrestha are also named as defendants.

Similarly, the case has been filed against the company’s director Rajiv Mor, chairman of Nepal Micro Insurance company Ashish Shrestha and suspended Himalayan Reinsurance company Shishir Gaire, among others.