KATHMANDU, Oct 8: The Department of Money Laundering Investigation (DoMLI) has filed another case against controversial businessman Deepak Bhatta, accusing him of misappropriating public money by securing reinsurance brokerage business through Himalayan Re-Insurance using illegal means.
The DoMLI filed a case against Bhatta at the Kathmandu District Court on Thursday, establishing a claim amount of Rs 239.2 million related to insurance and Rs 211.5 million related to money laundering.
A joint investigation team comprising the DoMLI, the Central Investigation Bureau (CIB), Nepal Rastra Bank, and the Nepal Insurance Authority (NIA) has concluded its investigation and filed a charge sheet in court—through the District Attorney's Office—for offenses under the Insurance Act, 2022, and the Money Laundering Prevention Act, 2008. The accused face serious charges of illegally misappropriating insurer funds, committing fraud by fabricating details, and laundering illicit proceeds through various channels.
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Along with Bhatta, the DoMLI has made other defendants including the then Board of Directors of Himalayan Re-Insurance, the then CEO Chandrashekharan Ramamurthy, suspended CEO Upasana Paudel, and the then Executive Head Manish Kumar. A claim amount of Rs 239.2 million has been established against Ramamurthy, Paudel and Manish Kumar.
Likewise, the DoMLI has filed charges against other defendants related to Alliant Reinsurance Brokerage including Anjana Nepal (Bhatta’s mother-in-law, who served as the company's chairperson); Sudhir Kumar Mallik (the company's CEO); Ayushma Nepal Bhatta (Bhatta’s wife, who was involved in banking transactions); and Surya Prasad Silwal (the then Chairman of the NIA).
This is the fourth case filed against Bhatta. Cases against him regarding securities offenses (at the District Court), banking offenses (at the Patan High Court), and money laundering (at the Special Court) are currently sub judice. Bhatta is presently in prison for further investigations.
Manoj Kumar Agrawal, the operator of Fox Travel and Tours, has also been charged for acting as an accomplice in concealing Bhatta's illicit wealth. It has been revealed that he used Rs 24 million from the misappropriated funds to purchase a Mercedes-Benz vehicle (Ba 19 Cha 3406) in his company's name and allowed Bhatta to use it.
A claim has been filed against Agrawal seeking a jail term and penalty equal to half of that prescribed for the principal offender, along with a recovery demand of Rs 24 million. A request has also been made to the court for the full confiscation of the Mercedes vehicle seized from Bhatta's Infinity Holdings.
