NICL scam: FIA clears its chief of abetment charge

Agency seizes Moonis-owned company assets.

LAHORE: The Federal Investigation Agency (FIA) has seized the assets of a company owned by Moonis Elahi, implicated in the National Insurance Company Limited (NICL) scam and exonerated its DG Waseem Ahmad from the allegation of providing shelter to one of the main accused, Amin Qasim Dada.

The Express Tribune has learnt that the FIA is compiling details of Moonis Elahi’s assets, including bank accounts, firms and agricultural and commercial land.

Investigators said that they have initiated the process to confiscate Elahi’s assets and auction them on the court’s directive if Moonis Elahi fails to appear before them. The firm’s assets may not be sold or transferred at any cost till his appearance before the investigators as well as before the court or his arrest. The company’s accounts have also been frozen.

The FIA has issued a seizure notice to the management of At-Tahur Pvt Ltd owned by Moonis Elahi, son of former Punjab chief minister Chaudhry Pervez Elahi, in pursuance of Section 5 of the FIA Act of 1974. The firm’s assets may not be sold or transferred at any cost till his appearance before the investigators as well as before the court or his arrest. The company’s accounts have also been frozen.

In a related development, Amin Dada is said to have contacted Zafar Ahmad Qureshi, the additional director-general FIA and told him that he was willing to surrender himself.

The agency has requested the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue, the Election Commission of Pakistan, the Board of Revenue, Punjab, LDA and CDA and DHAs amongst others to provide a list of his assets.

It is learnt that the NICL management purchased 20 canals of commercial land situated near Lahore airport from Mohsin Warraich for Rs1.06,53 billion. During investigation, the land was valued at Rs984.9 million by a private company, but the FIA rejected the valuation. Nespak has estimated that Rs400 million were embezzled in the deal, out of which Rs320 million are still to be recovered from Mohsin Warraich. The FIA has frozen Rs600 million worth of assets of the Warraich family.

Additional Director-General FIA Zafar Ahmad Qureshi has concluded that Dada visited the DG’s camp office before cases were registered against him in the NICL scam.

The FIA is also said to have contacted the Foreign Office to take action against the diplomat in London who attested the statement of Mr Warraich, a man wanted by them in connection with the NICL scam.

Published in The Express Tribune, February 18^th, 2011.