NICL: Another scam unearthed

Published: March 5, 2011
FIA alleges former company chairman Ayaz Khan Niazi illegally paid claim amounts to contractors.

FIA alleges former company chairman Ayaz Khan Niazi illegally paid claim amounts to contractors.

A new scam worth Rs640 million was unearthed in the National Insurance Company Limited (NICL) on Saturday.

The Federal Investigation Agency (FIA) has registered criminal cases against those accused of being involved in the Rs4.45 billion NICL land scndal.

The FIA now says it has gathered evidence concerning another fraud and that it is planning to lodge a case against the accused in Karachi.

Former company chairman, Ayaz Khan Niazi is alleged to have paid claim amounts to contractors in a violation of the rules in the Rs640 million rupees scam.

Sources in the FIA said that Ayaz Niazi illegally paid huge claim amounts in connivance with his colleagues.

They said that Ayaz and his colleagues paid the money to contractors after getting claims through fake surveyors.

The money was supposed to be paid to the departments concerned, and not the contractors.

According to recent reports, FIA investigators have also decided to initiate action against NICL’s acting chairman, Tariq Iqbal Puri, who is also the chief executive of the Trade Development Authority of Pakistan (TDAP).


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Reader Comments (5)

  • Mar 5, 2011 - 1:03PM

    on the other hand criminals and murderers are being acquitted by our courts.Perhaps criminals do know to where they should spend/invest?Recommend

    Mar 5, 2011 - 1:19PM

    And the season of Scams, Bomb Blasts, Suicide attacks, Assassinations Galore!Recommend

  • Iftikhar-ur-Rehman
    Mar 5, 2011 - 1:31PM

    Scam after scam are being unearthed in NICL but what has happened till date??? NOTHING and nothing will happen.This is all CIRCUS.Recommend

  • ahmed
    Mar 5, 2011 - 5:30PM

    if it was not because of the courts FIA would never have been instigation in the first placeRecommend

  • Mar 7, 2011 - 8:05AM

    This article will really help people avoid scam. thanksRecommend

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