KATHMANDU, APRIL 28
The Central Investigation Bureau (CIB) arrested Ashish Shrestha, the chairperson of Nepal Micro Insurance Company Ltd, today as the probe into the sensational securities scam expanded.
Shrestha was picked up by the CIB from Kageshwari Manahara Municipality in Kathmandu, according to the Bureau Spokesperson Shiva Kumar Shrestha. He said that Ashish was arrested for an insurance-related offence linked to the securities scam. The arrest came after the Nepal Insurance Authority (NIA) sent its securities scam probe report to CIB.
According to a letter dated April 21 from the NIA, Kupandol, Lalitpur, and an emergency on-site inspection report, the company committed an offence under Section 140(10)(1) of the Insurance Act, 2022, prompting the police to conduct an investigation, said CIB in its statement.
The spokesperson said the investigation report also revealed the involvement of Nepal Micro Insurance Company Chairperson Ashish. Nepal Micro Insurance is apparently yet another cog in the wheels of the securities scam masterminded by a few power brokers and prominent business families.
The Himalayan Bank connection A blocked deal, a shared network?
Ashish Shrestha is the son-in-law of Manoj Bahadur Shrestha, who along with his brother Prachanda Bahadur Shrestha owns the controlling stake in Himalayan Bank, one of the largest banks in Nepal, which had a partnership with the Pakistan-based Habib Bank Ltd.
While Manoj was the chairman of the Himalayan Bank in the past, Prachanda is currently the chairman.
As per sources at the bank, the roots of the partnership between controversial power broker and main accused in the securities scam Deepak Bhatta and Ashish were sown a few years back when the Habib Bank's stake in the Himalayan Bank was up for sale.
The sources explained that once the connection was formalised, Bhatta made a brave bid through Himalayan Reinsurance to buy shares of Habib Bank and Ashish is believed to have facilitated the move through his fatherin-law's family. However, the Nepal Rastra Bank blocked the deal for several valid reasons, including procedural violations, improper routing and regulatory non-compliance.
A version of this article appears in the print on April 29, 2026, of The Himalayan Times.
