Businessman Deepak Bhatta investigated for Rs 3.81 billion misuse, blacklisted by immigration

Kathmandu: Department of Money Laundering Investigation has launched a probe against Deepak Bhatt over allegations of misusing Rs 3.81 billion.

Acting on suspicions of serious financial misconduct, the department had earlier written to the Nepal Insurance Authority, instructing it to submit a detailed report within seven days on Bhatt’s alleged misuse of billions of rupees from various insurance companies and funds. The directive was issued on March 12 (Falgun 28).

According to investigators, Bhatt is accused of diverting a total of Rs 3.81 billion from Himalayan Reinsurance Limited and affiliated entities to purchase shares of companies, including Nepal Reinsurance Company Limited, through the secondary market.

The breakdown cited in the department’s letter shows that Rs 2.73 billion was allegedly misused from Himalayan Reinsurance, Rs 22.19 million from Himalayan Securities, Rs 370 million from a subsidiary of Nepal Life Insurance Company, and Rs 251.48 million from a large-cap fund. Additionally, Rs 161.75 million is said to have been diverted from Nepal Micro Insurance.

Authorities claim that Bhatt, a permanent resident of Kailali, used the funds to purchase shares via Bhrikuti Stock Broking Company Pvt Ltd, a licensed securities broker.

As the investigation intensifies, Bhatt has been placed on the immigration blacklist, preventing him from leaving the country while authorities pursue a detailed inquiry into alleged money laundering offences.