Nepal, May 7 -- Several business partners of businessman Deepak Bhatta, who was arrested in a money laundering investigation, remain on the run as the probe widens into complex financial transactions involving insurance companies and brokerage firms.

While Bhatta's associate Sulav Agrawal has already been arrested, other key partners are still untraceable, according to police.

Police sources said Upendra Hirawat, an undisclosed business partner of Bhatta and Agrawal, is believed to be outside Nepal. Another associate, Rajbahadur Shah-once a prominent liquor entrepreneur honored for being one of the highest taxpayers-also remains out of contact.

Similarly, Rohit Gupta has not been located and is suspected to have left the country. Rish...