Apr 02, Kathmandu - Businessman Deepak Bhatta has been arrested today. A team of the Central Investigation Bureau (CIB) of Nepal Police arrested him a few minutes ago.

Bhatta, a resident of Kailali, was reportedly arrested during a money laundering investigation. The Money Laundering Department had frozen his passport just a few days ago.

The Money Laundering Department was investigating Bhatta for money laundering. The department is investigating Bhatta on charges of misappropriation of Rs 3.81 billion.

The department, which has started an investigation on suspicion of serious financial misuse by Bhatt, had written to the Nepal Insurance Authority on Falgun 28, directing it to submit a report within 7 days on the misuse of billions of rupees from various insurance companies and funds.

According to the department, Bhatta is accused of misappropriating Rs 3.81 billion from Himalayan Reinsurance and other organizations affiliated with it to purchase shares of various companies including Nepal Re-Insurance Company Limited from the secondary market.

According to the department's letter, Bhatta is accused of embezzling Rs 2.73 billion 33 million 15 thousand 160 from Himalayan Re-Insurance, Rs 22 million 197 thousand 144 from Himalayan Securities, Rs 370 million from a subsidiary of Nepal Life Insurance and Rs 251 million 484 thousand 748 from a large cap fund. Similarly, it is mentioned that he also embezzled Rs 161 million 752 thousand 873 from Nepal Micro Insurance.

The department claims that the amount was paid through Bhrikuti Stock Broking Company, which has a securities brokerage license number 55, and purchased shares.