The Central Investigation Bureau (CIB) of Nepal Police has ordered the Securities Board of Nepal (SEBON) to freeze all shares held by 56 high-profile investors and top executives. The CIB is driving the investigation under Sections 91 to 100 of the Securities Act, 2063 BS.

The freeze targets key figures linked to prominent financial institutions, including Himalayan Reinsurance, Nepal Micro Insurance, and Himalayan Life Insurance. Following the directive, NEPSE and CDSC have been instructed to block the demat accounts of the accused individuals immediately.

Authorities suspect illegal financial activities, insider trading, and artificial market rigging by the individuals. The case involves alleged financial manipulation and unusual market activities linked to Chinese nationals and Nepali defendants.

The investigation focuses heavily on suspicious activities during the licensing of new insurance companies and premium IPO issuances. If found guilty of insider trading or falsifying transactions, the individuals face heavy fines and prison time.

Details of 56 Individuals 

1. Upasana Poudel - Chief Executive Officer, Himalayan Reinsurance Ltd.
2. Siddhant Jhunjhunwala - Director, Nepal Micro Insurance Ltd.
3. Latika Golyan - Board Member, Nepal Micro Insurance Ltd.
4. Badri Sidel - Board Member, Nepal Micro Insurance Ltd.
5. Prabina Dahal - Board Member and Chairperson of Investment Committee, Nepal Micro Insurance Ltd.
6. Sujal Malla - Investment Committee Member, Nepal Micro Insurance Ltd.
7. Amit Mor - Director, Himalayan Reinsurance Ltd.
8. Rajiv Mor - Director, Himalayan Reinsurance Ltd.
9. Subekshya Kharel - Director, Himalayan Reinsurance Ltd.
10. Subhash Kumar Jhunjhunwala, Director, Himalayan Re-Insurance Ltd.
11. Manish Kumar - Investment Committee Member, Himalayan Reinsurance Ltd.
12. Sitaram Wagle - Director, Himalayan Security Banker Ltd.
13. Akanksha Gupta - Director, Himalayan Security Banker Ltd.
14. Shishir Gaire - Chairman, Capserv Ltd.
15. Kapil Kumar Dahal - Chairman of Board of Directors, Himalayan Investment Banker
16.  Rajan Prasad Adhikari - Board Member, Himalayan Investment Banker

   17. Mr. Vidur Puri - Board Member, Crest Micro Insurance Ltd.

18. Binu Ghimire - Board Member, Himalayan Investment Banker
19. Narayan Kumar Adhikari - Board Member, Himalayan Investment Banker
20. Utsav Pradhananga - Board Member, Himalayan Investment Banker
21. Subhash Poudel - Investment Member, Himalayan Investment Banker
22. Shalini Sanghai - Investment Member, Himalayan Investment Banker
23. Pratik Joshi - Investment Member, Himalayan Investment Banker
24. Dr. Jayaprakash Jaiswal - Director, Guardian Micro Life Insurance Company Ltd.
25. Uddhav Narayan Bhattarai - Board Member, Guardian Micro Life Insurance Company Ltd.
26. Pramod Prasad Bhattarai, Board Member, Guardian Micro Life Insurance Co. Ltd.
27. Jyoti Agarwal - Board Member, Guardian Micro Life Insurance Company Ltd.
28. Navaraj Mudbhari - Board Member, Guardian Micro Life Insurance Company Ltd.
29. Chirayu Bhandari - Chief Executive Officer, Guardian Micro Life Insurance Company Ltd.
30. Jyoti Prakash Pandey - Member of Investment Committee, Guardian Micro Life Insurance Company Ltd.
31. Samir Kharel - Member of Investment Committee, Guardian Micro Life Insurance Company Ltd.
32. Kirtika Agarwal - Chairman of Protective Micro Insurance Ltd.
33. Dinesh Sariya - Board Member/Investment Committee Coordinator, Protective Micro Insurance Ltd.
34. Vivek Kumar Shah - Board Member, Himalayan Life Insurance Ltd.
35. Laxman Jhali - Board Member, Himalayan Life Insurance Ltd.
36. Rajiv Prasad Pyakurel - Board Member, Himalayan Life Insurance Ltd.
37. Ashish Dhakal - Board Member/Investment Committee Coordinator, Himalayan Life Insurance Ltd.
38. Saurabh Dugar - Board Member/Investment Committee Coordinator, Himalayan Life Insurance Ltd.
39. Sachin Acharya - Board Member, Himalayan Life Insurance Ltd.
40. Pramila K.C. - Board Member, Himalayan Life Insurance Ltd.
41. Digambar Jha - Board Member, Himalayan Life Insurance Ltd.

 (Note: Names from 34 to 48 are missing in the available documentation)