Kathmandu. KATHMANDU: Nepal Micro Insurance Company (NMIC) CEO Mrigendra Nath Rimal has been released from the post of Chief Executive Officer (CEO). He was released on a bail of Rs 25 lakh.

A division bench of Justices Narayan Prasad Poudel, Hemanta Rawal and Umesh Koirala issued the order to release Rimal on bail.

He was arrested by the Central Investigation Bureau (CIB) of Nepal Police on 7 July on the charge of the offence under the Insurance Act, 2079 and the Securities Act, 2063.