Home Minister Sudan Gurung’s ascent to one of the country's most powerful offices has been meteoric. Having risen to prominence as the leader of the non-profit organisation ‘Hami Nepali’ in the wake of the Gen Z movement in September last year, he successfully tweaked his activism into electoral success. However, details regarding his past business dealings and the sources of his wealth have been increasingly drawing public attention — as well as criticism — over the past few days.

On Tuesday, Kantipur obtained new banking records, which raise questions over Sudan’s financial conduct. Based on these findings, here are established facts—and the lingering uncertainties—surrounding his assets, investments, and financial history.

What do we know?

Banking records show that “Hami Nepal,” chaired by Sudan, maintained accounts at both Himalayan Bank and Nabil Bank. The Himalayan Bank account (006XXXXXX18) was closed in February 2025. Before its closure, it had a balance of Rs5.34 million, of which Rs3.09 million was transferred to the organisation’s account at Nabil Bank.

At Nabil Bank, the organisation’s account (015XXXXXX74) received a total of Rs22.80 million between July 2021 and August 2025. Among these deposits, Rs440,000 was transferred by Manita Devkota in May and July 2015. Devkota’s public identity remains unknown.

Records also show that Sudan’s personal account (311XXXXXX69) at Nabil Bank received around Rs6 million between May and June in 2021. The amount appears to have been collected from various sources as assistance during the Covid pandemic. On August 5, 2021, Rs2.59 million was transferred from his personal account to the organisation’s account at Nabil Bank, indicating that aid funds were routed through his personal account.

The documents further reveal that large sums were deposited into Sudan’s personal account by different individuals at different times, often without clear disclosure of their sources. While some transactions are labelled as “loan repayment”, many lack any stated purpose. On May 9, 2023, Rs2.25 million was deposited by Chang Agarwal and Rs3.75 million by Bijay Kumar Shrestha into Gurung’s account on the same day.

The following day, on May 10, 2023, Sudan transferred Rs2.5 million each to Liberty Micro Life Insurance and Star Micro Insurance. According to records at the Office of Company Registrar, he holds 25,000 shares in each of these micro insurance companies, a matter that has since drawn controversy. On June 7, 2023, Rs1.1 million was paid from his account to Bijesh Kumar Magar.

On October 13, 2023, Rs2.5 million was deposited into Sudan’s account by Chhiring Chhombel Gurung, marked as loan repayment. A further Rs2 million was deposited in Sudan’s account on October 17, 2023. Similarly, on April 20 and 25, 2024, Rs1 million and Rs1.25 million were deposited by Sanjay Services Centre Pvt Ltd, labelled respectively as loan repayment and business income.

A closer look at the records shows that a total of Rs6 million was deposited into Sudan’s account by Chang Agarwal and Bijay Kumar Shrestha. Agarwal is associated with companies such as Get Ahead Trading Pvt Ltd, SRS Investment Pvt Ltd and Winner Liquor Industry Pvt Ltd. He is a former chairman of the Confederation of Nepalese Industry Young Entrepreneurs Forum. Investigative authorities claim that the funds deposited by Agarwal and Shrestha were used to purchase shares in microinsurance companies.

However, the identity of Bijay Kumar Shrestha, who deposited Rs3.75 million in Sudan’s account, remains unclear. Following controversy over the source of funds used to purchase shares in Liberty Micro Life Insurance and Star Micro Insurance, Home Minister Gurung has claimed that he acquired the shares through a loan.

Documents indicate that he borrowed Rs3.75 million from an individual of the same name (Bijay Kumar Shrestha) and applied to have the loan agreement certified by ward 5 of Kathmandu Metropolitan City on August 6, 2023. However, as details of the person who transferred the funds remain undisclosed, it cannot be confirmed whether both individuals are the same.

Records also show that around Rs2.5 million was deposited into Sudan’s account from Chhiring Chhombel Gurung’s Nabil Bank account through cash deposits made by Sushil Kumar Shrestha and Suresh Kumar Yadav. Both individuals are reported to have come under repeated scrutiny by investigative agencies for high-value transactions exceeding regulatory thresholds. Sudan is also seen to have conducted transactions with Sanjay Services Centre Pvt Ltd and deposited funds into the account of Lagom Premium Apartment Pvt Ltd.

In addition, Sudan is confirmed to hold an account at Laxmi Sunrise Bank (010XXXXXX01), where Rs10.7 million was deposited between July 11. 2021 and September 15, 2025. Nearly Rs4 million of this amount was deposited in cash under the name of Anjal Manandhar.

The banking records indicate that Sudan has engaged in large-scale financial transactions with multiple individuals. However, in many cases, the sources of these funds and the purposes of the transactions have not been clearly disclosed.

What businesses does Sudan own?

According to his self-declared asset details, Home Minister Gurung has investments in three companies—Adventure Villa Pvt Ltd, Lagom Premium Apartment Pvt Ltd and Hope Holdings Pvt Ltd.

1) Adventure Villa Pvt Ltd

Established on June 22, 2016, the company maintains a bank account (035XXXXXX18) at Laxmi Sunrise Bank Limited. Records show that between August 2017 and August 2021, a total of Rs11.3 million was deposited into this account. No transactions have been recorded since then.

2) Lagom Premium Apartment Pvt Ltd

This company holds an account (040XXXXXX17) at Prabhu Bank. Documents obtained by Kantipur indicate that a vehicle was purchased in the company’s name from Paramount Motors, with around Rs1.9 million paid in cash and approximately Rs2.45 million taken as a loan. Between January 1, 2025 and September 15, 2025, the company recorded transactions exceeding Rs5.7 million. Of the total deposits, only Rs239,000 came through booking websites, while the remaining amount was received from various individuals, whose identities could not be established.

3) Hope Holdings Pvt Ltd
This company also maintains an account (001XXXXXX13) at Prabhu Bank. Between December 2024 and May 2025, deposits totalling Rs11.9 million were recorded. Banking details obtained by Kantipur show frequent transactions between Hope Holdings, Lagom Premium Apartment and Sudan’s personal account. The non-profit “Hami Nepal” also transferred approximately Rs450,000 to this account on one occasion, although the purpose of the transfer has not been disclosed.

Government investigations into Sudan’s personal banking activity indicate that he has made frequent expenditures at cafes, restaurants, clubs and cinemas. However, detailed records specifying where and how much was spent are not available to us.

Between 2023 and 2024, Sudan’s account also received huge amounts from various individuals and entities. Notably, Penchu Dolma Tamang sent a total of Rs2.425 million through multiple remittances: Rs385,000 on April 19, 2023; Rs390,000 on April 25; Rs250,000 on May 6; Rs200,000 on May 16; nearly Rs 400,000 on May 18; Rs400,000 on October 23, 2024, and another Rs400,000 on October 29, 2024. According to documents obtained by Kantipur, Tamang is a student of IEC College of Art and Fashion at Bishalnagar, Kathmandu.

What questions do these transactions raise?

1) The details of Sudan’s financial activities suggest a pattern of interconnected transactions across his businesses, personal accounts and the non-profit organisation he is associated with. However, it has not been possible to establish the purpose or rationale behind transfers from the non-profit to his personal account. Likewise, many deposits into his personal account do not clearly state their source or purpose, raising doubts about the transparency of his financial dealings. The routing of Covid assistance funds into his personal account has also been viewed as questionable.

2) Although Sudan has claimed that he took out a loan to purchase shares in Liberty Micro Life Insurance and Star Micro Insurance, banking records show that Rs6 million was deposited into his personal account by Chang Agarwal and Bijay Kumar Shrestha just a day before the share purchase. The reason for these deposits, as well as the nature of Sudan’s personal or business relationship with the depositors, could not be verified independently.

3) Repeated deposits into Sudan’s account from Sushil Kumar Shrestha and Suresh Kumar Yadav—individuals reportedly under close scrutiny by investigative agencies—have raised further concerns. The nature of Sudan’s relationship with these individuals and the purpose of these transactions remain unclear.

Over the past two days, Home Minister Gurung has faced mounting questions both from within his party and from outside. He has tried to clarify his position through two statements on social media, but concerns surrounding his financial transactions persist.

(Kantipur has withheld full bank account numbers to protect personal privacy.)