Kathmandu. The Chief Executive Officer (CEO) of Sun Nepal Life Insurance Company has been released from the post of Chief Executive Officer. Chief Executive Officer (CEO) Raj Kumar Aryal, who was arrested on a securities charge, has been released as per the decision of the District Government Attorney’s Office.

The Kathmandu District Court had remanded Aryal to custody for five days after he was arrested from Putalisadak of Kathmandu on March 30.

However, he was released after the District Attorney’s Office refused to extend his remand for the second time, police said. Even if he is released, the investigation against him will continue, police said.

He has been accused of arbitrarily distributing 4,80,000 units of shares allotted to employees by the insurance company.