Prominent businessman arrested in corruption case

Business magnet and renowned industrialist Iqbal Z Ahmed was arrested on Saturday in Hyderabad after an accountability court refused to extend his bail in a corruption case which had caused the national treasury a loss of Rs29 billion.

Ahmed is the chairman of the Associated Group and is known as an energy entrepreneur. His two sons were also taken into custody.

A reference under the Money Laundering Act was filed against Ahmed, which was approved by the NAB chairman in December 2013.

He is the owner of several companies including the Jamshoro Joint Venture Limited. He was nominated in the case after transactions worth billions of rupees were made from his companies in foreign countries including the United Kingdom.

Ahmed’s name surfaced in several corruption cases through the years including the Rs22 billion Rental Power Projects reference.

In November 2014, he had obtained a stay order against the proceedings conducted by the anti-corruption watchdog.

In another graft case pertaining to an LPG deal by the Oil and Gas Development Company in October 2013, the anti-graft body maintained that it had recovered more than Rs2.28 billion in cash from officials and private players, which also included the head of the Associated Group.

Ahmed was allegedly involved in making illicit transactions through a money exchange and was accused of sending Rs1.74 billion abroad to get foreign exchange to make payments for his own companies and those of others.