Defrauding NICL: SHC allows NAB probe against JS Investments

NAB referred the matter to the SHC in September this year

KARACHI: The Sindh High Court (SHC) has allowed the National Accountability Bureau (NAB) to conduct investigation against the JS Investments for defrauding the National Insurance Company Limited (NICL), as per directions of the Supreme Court.

NAB referred the matter to the SHC after it found, in September this year, substantial evidence of involvement of JSCL Investment directors, including Ali Raza Siddiqui, Manawar Siddiqui and Najam Ali, in the NCIL scam.

NAB filed an application for permission of investigation against the JS Investment, stating that the JS had refused to provide information in violation of court order. NAB also said that during investigation it was revealed that JS investment was a beneficiary and without its active participation a proper inquiry could not be completed.

After hearing NAB, intervener, JS Investments and the additional attorney general, the court ordered NAB on Tuesday to conduct investigation against the JS Investment for defrauding NICL as per the direction of Supreme Court.

NAB had mentioned this case at number 2 in its mega corruption list. It said that the case was referred by Supreme Court through its order on November 22, 2013 as a consequence of suo moto notice taken by the apex court in 2010.

Earlier during the suo moto case, the auditor general for Pakistan identified a loss of over Rs255 million caused to the NICL by the JS Investments. The losses run into billions if opportunity cost is taken into account.