KATHMANDU, Aug 1: Businessman Kamal Kishor Malpani's involvement in the ongoing investigation into Shreeram Tobacco Industry has come under renewed scrutiny following reports of his past association with Prime Minister Balendra Shah.
Malpani had provided an expensive vehicle to Shah during the local election campaign held in March. His reported connection with the prime minister has added political sensitivity to the investigation as authorities examine the company's financial transactions and shareholding structure.
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The Department of Money Laundering Investigation (DoMLI), the Inland Revenue Department and the Department of Revenue Investigation have launched separate investigations into Shreeram Tobacco, a manufacturer of chewing tobacco products.
The probe forms part of a broader financial crime investigation involving businessman Deepak Bhatta, who is accused of acquiring a stake in Shreeram Tobacco through an allegedly irregular share transfer process. Investigators are examining the roles of several shareholders, including Malpani and Chunnu Paudel, in the transaction.
According to investigators, Bhatta's company acquired a 20 percent stake in Shreeram Tobacco after the company increased its paid-up capital and transferred reserve shares worth Rs 37.5 million.
