Debentures Bought Cheaply Were Sold at Higher Prices to Public Companies

According to a report by the Securities Board, Deepak Bhatt purchased various debentures at low prices and then sold them to public companies after inflating their value. Bhatt bought 100,000 Nabil Debenture-85 units for NPR 108 million and sold them to his affiliated companies for NPR 118.121 million. Others cooperating in the investigation include Sandeep Chachan, Shubhi Agrawal, Rishiraj Mor, and Raj Bahadur Shah. (April 21, Kathmandu)

The Securities Board’s investigation report reveals that the controversial businessman Deepak Bhatt acquired different debentures in his name at low prices and subsequently sold them to public companies at higher prices. The report, prepared by the Securities Board’s Supervision Department, states that Bhatt bought not only Nepal Reinsurance shares but also Nabil Bank’s debentures (NBLD-85), Nepal Investment Mega Bank’s debentures (NIMBD-90), SBI Bank’s debentures (SBID-83), and Siddhartha Bank’s debentures (SBLD-89) in his name.

According to the report, Bhatt purchased NBLD-85 bonds from Himalayan Reinsurance on November 9, 2025, at NPR 1,080 per unit. Infinity Holdings Pvt. Ltd., which is wholly owned by Bhatt, holds 4.5% ownership in Himalayan Reinsurance. These shares were sold on November 16 to Guardian MicroLife Insurance Company at prices ranging between NPR 1,100 and NPR 1,160 per unit, as stated in the report.

The report also indicates that Bhatt holds a 15% stake in the same company. The debentures were then sold to Crest MicroLife Insurance at prices between NPR 1,160 and NPR 1,182 per unit, and to Protective MicroInsurance at NPR 1,185 per unit. The Securities Board’s report notes that Himalayan Reinsurance owns 15% and 21.43% stakes in these two microinsurance companies, respectively.