Sun Nepal Life CEO Raj Kumar Aryal Arrested Over Share Fraud Allegations

Kathmandu. The Central Investigation Bureau (CIB) of Nepal Police has arrested Raj Kumar Aryal, CEO of Sun Nepal Life Insurance Company, on allegations of share fraud. He is accused of manipulating the allocation of shares meant for employees.According to sources, Aryal allegedly prepared false records during the employee share distribution process and secured a larger portion of shares for himself. The investigation was initiated after the Securities Board of Nepal (SEBON) forwarded its preliminary study report to the CIB.Based on SEBON’s directive, the company has been instructed to reallocate the employee shares. The board has also recommended that Aryal be penalized or face legal action in accordance with the Securities Act.The incident has created a stir in the insurance sector and capital market, raising concerns over transparency and regulatory oversight. Authorities have stated that further investigation is ongoing.