NAB Logo. PHOTO: NATIONAL ACCOUNTABILITY BUREAU
KARACHI: The National Accountability Bureau (NAB) Karachi claimed on Tuesday to have arrested a former investment policy manager of the National Insurance Company Limited (NICL).
According to a NAB spokesperson, the accused, Shahab Siddiqui, was among 13 NICL officials who were nominated in a reference filed by the federal anti-graft watchdog. He was arrested in Karachi.
The spokesperson added that Siddiqui served as the NICL investment policy manager and was a part of the in-house investment board that processed and approved illegal investment of Rs100 million in First Dawood Investment Bank Ltd (FDIBL) during 2008-09.
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The investment decision made by the accused was in violation of the rules, the spokesperson said, adding that the investment was made with mala fide intention of illegally favouring FDIBL by boosting its financial health. The illegal investment caused an approximate loss of Rs64.06 million to the national exchequer, the spokesperson claimed.
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