KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has arrested Raj Kumar Aryal, Chief Executive Officer (CEO) of Sun Nepal Life Insurance Company Limited, in connection with an alleged share fraud case.

According to CIB spokesperson Shiva Kumar Shrestha, the company was found to have submitted inconsistent details to regulatory authorities regarding the allocation of shares reserved for its employees. Preliminary investigations revealed discrepancies in the submitted application forms and related documents.#

Based on the findings, police have initiated an investigation, citing violations of Section 100 of the Securities Act, 2007 (2063 BS).

Aryal, 51, is a permanent resident of Darbar Rural Municipality-4 in Gulmi district and is currently residing in Kathmandu Metropolitan City-16. He was arrested from Putalisadak after obtaining permission from the Kathmandu District Court. CIB said further investigation into the case is underway.