KATHMANDU, JULY 24 The Nepal Police Central Investigation Bureau (CIB) has stepped up its crackdown on financial crimes, arresting high-profile executives from the insurance and business sectors. In just the past two days, the CIB arrested business magnate Shanker Agrawal and former Nepal Micro Insurance chief executive Mrigendra Nath Rimal. Mrigendra Nath Rimal, the former CEO of Nepal Micro Insurance, was arrested this morning after fleeing on legal charges. According to a senior police official, Rimal is charged with financial irregularities under the Insurance Act and the Securities Act. 'He was previously listed as an absconder, so we arrested him. Our investigation file was completed and submitted earlier ... He was produced in court today and the court ordered him to appear again tomorrow,' CIB Spokesperson Senior Superintendent of Police Anupam Shumsher Rana told The Himalayan Times. In addition to the financial charges filed in district court, Rimal is also facing a separate money laundering case filed in the Special Court. According to CIB officials, he will appear before the Special Court once the Kathmandu District Court issues its initial detention ruling. In a separate action, CIB officers apprehended prominent businessman Agrawal as part of an ongoing banking fraud investigation. When asked about Agrawal's previous legal troubles, police clarified the latest action stems from a new case filed under Banking Offences and Punishment Act. 'This is a different case. We cannot arrest anyone twice for the same offence,' police confirmed. Following his arrest, Agrawal was brought before the court, with police awaiting the court's order on remand and additional judicial custody. Police declined to speculate on the exact timing of the court's decision, citing that judicial timelines are solely at the discretion of the bench. Agrawal had fled since the verdict in the case under the Banking Crimes and Punishment Act of 2008, in which another fraudster and middleman, Deepak Bhatta, was also a defendant. Bhatta, chairman of Infinity Holdings, is one of the defendants in the case, along with Shanker Agrawal, Sulav Agrawal and Sahil Agrawal - the operators of Jagdamba Steels. On June 11, a case was filed against them in Patan High Court for banking offences, with prosecutors establishing a claim amount (bigo) of Rs 421.49 million. The High Government Attorney's Office filed the case, alleging the misappropriation and diversion of bank loan funds for unauthorised purposes. According to the chargesheet, Bhatta and Shanker conspired to funnel working capital loans acquired for Jagdamba Steels through Infinity Holdings to fund investments in Himalayan Reinsurance and advance payments on real estate purchases. Shanker, who was listed as absconding at the time the chargesheet was filed, was apprehended yesterday by a team from Nepal Police's CIB and brought before Patan High Court. Jagdamba Steels had secured working capital and short-term credit from a number of financial institutions, including Nepal Investment Mega Bank, Nepal SBI Bank, Kumari Bank, Everest Bank and Agricultural Development Bank. According to the prosecution, Jagdamba Steels transferred funds secured for the purchase of industrial raw materials and day-to-day operations into Deepak Bhatta's personal Siddhartha Bank account. The chargesheet seeks penalties under banking offence laws, alleging that these funds were used for personal gain and to acquire promoter shares in Himalayan Reinsurance.