NAB arrests another suspect in NICL case

KARACHI: The National Accountability Bureau (NAB) on Tuesday arrested an another suspect accused in the case of illegal investments in the National Insurance Company Ltd (NICL).

Shabab Siddiqui served as the former manager investment policy. He is accused of approving illegal investment worth Rs100 million between 2008-2009. The investment cost a loss of Rs64 million to the national exchequer.

NAB has implicated thirteen individuals in the case. They have been accused of illegal investment in violation of policy with malafide intention to boost their financial wealth.

It may be mentioned that the Supreme Court has earlier directed NAB to wind up the case at its earliest. Chief Justice of Pakstan Saqib Nisar has expressed dismay over poor performance of NAB in the NICL case, and the inability to arrest a proclaimed offender in the case.

The court has also sought record of all NICL cases pending before accountability courts in Lahore and Karachi.

Last month former chairman of the NICL Ayaz Khan Niazi was also taken into custody after his bail was considered as the case moved from the Federal Investigation Agency to the NAB.

Deceased PPP leader Makhdoom Amin Fahim, former NICL chairman Ayaz Khan Niazi along with other top officials of the company had been booked in cases pertaining to the purchase of land at various places and different times by NICL.

The cases involving alleged embezzlement of a huge amount were initially being heard by an anti-corruption court but were later transferred to the accountability court.