Kathmandu. Chief Executive Officer (CEO) of Nepal Reinsurance Company Surendra Thapa has been accused of colluding with interest groups to sink a government company. He has been accused of trying to sink Nepal in connivance with Deepak Bhatta, big shareholders of Himalayan Reinsurance Company and Shulabh and Shahil Agrawal.

He has accepted that Nepal Reel has signed an agreement with Himalayan Securities Banker to manage the fund of Rs 50 million. However, the TMS and password used in the trading of Nepal Ricoh share transactions were found to have misused public funds by operating the IP address 103.235.198.57 of Wordlic Communication registered in the name of Sauraya Cement and his brother Shahil Agrawal in the name of Jagdamba Steels.

It has been found that unauthorized persons have sold 18,800 units of shares of Guardian Micro Life Insurance at a high price of Rs 2,621.74 per share at a high price by influencing the price of the share market by unauthorized persons in the name of Rishi Raj Mor.

He said he did not know how the password given to the broker company was operated by an unauthorized person. “I have personally served as the CEO of Nepal Reinsurance Ltd. He has not misused the funds of the organization by deciding any order with the intention of misusing the money of the company. The amount given to invest in the stock market is in accordance with the investment policy. Personally, I have not created an environment for anyone to commit crimes,” he said.

Thapa, Bhatta and Agrawal have a bad intention to centralize the shares of Nepal Reinsurance Company in their favor and take control of the company, according to the investigation. Thapa has shown his ignorance about financial irregularities and irregularities in the operation of Nepal Reinsurance Company, which was established as a public limited company with 44.04 percent shares in the name of the Ministry of Finance. Thapa was appointed as the CEO of Nepal Reema by putting pressure on the government at that time.

Bhatta and Agrawal have been found to have misappropriated the company’s money by misappropriating the company’s money and using the companies of their choice to take advantage of the company and abusing the regulatory authority of the insurance companies including Himalayan Life Insurance.

The Nepal Insurance Authority (NIA) has decided on September 10, 2081, Poush 24, 2081, Falgun 1 and July 22, 2082 to centralize and control the shares of Nepal Reinsurance. Ignoring this, it has been seen that Bhatt and Agrawal have taken personal advantage by weakening the institutional governance of the financial and insurers.

Despite knowing the responsibility and accountability of the CEO of an organization where he has 44.04 percent share of the government, Thapa has not fulfilled his responsibilities as per the prevailing law, by not following the legal provisions mentioned in Section 58 of the Insurance Act, 2079 and in violation of his legal duty. It has been found that the fraud has been committed by misusing the TMS and password used in the share transaction and selling it in a planned manner and causing loss to the organization and benefiting the people including Shulabh Agrawal.

Although Thapa and Shulabh Agrawal had prior knowledge of the work of changing the share price on 14th July 2082, it is seen that Bhatta and Bhatta were equally involved in the work of acquiring Nepal Reinsurance by publishing the capital increase plan and the notice of issue of right shares in writing. They have been found to be directly involved in the offence under the Insurance Act, 2079.

They have been found guilty of money laundering by committing the offence of money laundering by concealing, cheating, concealing the true nature, source and rights and ownership of the property obtained through the offence under the cover of share transaction and by committing acts prohibited by sub-section (1) (a) (b) (c) of Section 3 of the Prevention of Money Laundering Act, 2064.

On the basis of Section 29 of the Act, the government has also sought punishment as per Sub-section (1) of Section 30 of the Money Laundering Prevention Act, 2064 and also to repay the said amount to the concerned company. It is stated that it would be reasonable to take the claim to pay to Nepal Reinsurance.

The investigation has confirmed that Thapa has committed the crime of money laundering by committing acts prohibited by sub-section 1 (a) (b) (c) of Section 3 of the Prevention of Money Laundering Act, 2064 by concealing, deceiving, and concealing the true nature, source and rights and ownership of the property obtained through the crime.