Kathmadnu, April 15 -- The Department of Money Laundering Investigation (DMLI) has raided the houses of Sulav Agrawal and Deepak Bhatta, as well as the office of Himalaya Re-Insurance, in connection with a money laundering probe. Agrawal is the chairman of Jagdamba Holdings under the Shanker Group, while Bhatta heads Infinity Holdings.

Both individuals are alleged to have been involved in suspicious activities that include manipulating major public procurement contracts, securing licenses for hydropower and banking/insurance companies, and influencing tax rates included in the annual budget-often in collusion with political leaders, public officials, and employees in positions of power.

Bhatta was arrested on April 2, and Sulav on April...