Anti-Money Laundering Department Probes 8 Insurance Companies Over Investment Irregularities

Kathmandu. The Department of Anti-Money Laundering has started an investigation into the investments of 8 insurance companies, including Himalayan Reinsurance, which has investments from controversial businessman Deepak Bhatta.

The department has issued a public notice directing the founder shareholders of these companies to submit detailed information of the amount paid for their share purchases within 15 days.

The companies under the department's investigation include Himalayan Reinsurance Limited and 7 micro-insurance companies. These are Nepal Micro Insurance, Guardian Micro Life Insurance, Crest Micro Life Insurance, Liberty Micro Life Insurance, Protective Insurance Company, Star Micro Insurance, and Trust Micro Insurance. 

According to the notice issued by the department, the investigation has been initiated on suspicion of significant financial irregularities at the time these insurance companies obtained operating licenses from the Insurance Authority of Nepal. 

The department has found that investors purchasing founder shares have paid additional charges beyond the official amount required for the company's paid-up capital into the bank accounts of various individuals and organizations. 

To clarify this matter, the department has sought official proof from the founder shareholders. 

The department's notice states, 'Regarding the amounts paid into the bank accounts of various individuals and organizations as additional charges (premium) beyond what was paid to the company for paid-up capital by those purchasing founder shares, please submit details without any discrepancies, including the amount, names of recipients, account numbers, and the banks and financial institutions where the accounts are held.'