KATHMANDU: Mrigendra Nath Rimal, the legally suspended chief of Nepal Micro Insurance Company, has been arrested over alleged offenses under the Insurance Act, 2022, and the Securities Act, 2007. Following his suspension from the post, Rimal was taken into custody by the Central Investigation Bureau (CIB) in Sifhal, Kathmandu, on Thursday.

According to Senior Superintendent of Police Anupam Shamsher Rana, spokesperson for the CIB, the suspended executive has been sent to the Kathmandu District Court in Babarmahal for legal proceedings.

Rimal, a resident of Kathmandu Metropolitan City-7, had been absconding after formal complaints were lodged against him by the Nepal Insurance Authority and the Securities Board of Nepal (SEBON).