NICL case: Rs42m cheque bounces as NICL payback stalls
The first of a series of ten cheques was of BoP’s Township branch in Lahore.
LAHORE:
A cheque of Rs42 million, presented by the Farms Pvt Limited’s director Akram Warraich in the National Insurance Company Limited (NICL) scam as a guarantee for depositing the liable amount of Rs420 million, is reported to have bounced.
This was one of the ten post-dated cheques, totalling around Rs420 million.
The accused Habibullah Warraich, Akram Warraich and Mohsin Habib Warraich collectively owe Rs420 million to the NICL. Rather than paying in cash, they provided 10 cheques to the NICL worth Rs42 million each.
The NICL management presented the cheque dated for the month of April, in the name of the Bank of Punjab’s Township branch in Lahore.
However, according to sources, the cheque bounced since there were no funds in the account.
Some of the accused who were arrested include Mohsin Habib Warraich, son of former state minister for defence production Maj (retd) Habibullah Warraich.
NICL’s management has informed the Federal Investigation Agency (FIA) to take legal action against Warraich, in addition to ensuring the full recovery of Rs420 million.
The accused Akram Warraich, on behalf of the Privilege Farms Pvt Limited Company, had presented the cheque, while submitting a plea to the court, seeking bail of Mohsin Warraich.
The court had already granted conditional bail to Habibullah Warriach.
Now, the FIA authorities are reluctant to approach the court for the purpose of cancelling the bail of the accused, sources informed The Express Tribune. At the same time, the FIA authorities are reluctant to lodge an FIR against the accused under section 489-F, according to sources.
Published in The Express Tribune, April 17th, 2012.
A cheque of Rs42 million, presented by the Farms Pvt Limited’s director Akram Warraich in the National Insurance Company Limited (NICL) scam as a guarantee for depositing the liable amount of Rs420 million, is reported to have bounced.
This was one of the ten post-dated cheques, totalling around Rs420 million.
The accused Habibullah Warraich, Akram Warraich and Mohsin Habib Warraich collectively owe Rs420 million to the NICL. Rather than paying in cash, they provided 10 cheques to the NICL worth Rs42 million each.
The NICL management presented the cheque dated for the month of April, in the name of the Bank of Punjab’s Township branch in Lahore.
However, according to sources, the cheque bounced since there were no funds in the account.
Some of the accused who were arrested include Mohsin Habib Warraich, son of former state minister for defence production Maj (retd) Habibullah Warraich.
NICL’s management has informed the Federal Investigation Agency (FIA) to take legal action against Warraich, in addition to ensuring the full recovery of Rs420 million.
The accused Akram Warraich, on behalf of the Privilege Farms Pvt Limited Company, had presented the cheque, while submitting a plea to the court, seeking bail of Mohsin Warraich.
The court had already granted conditional bail to Habibullah Warriach.
Now, the FIA authorities are reluctant to approach the court for the purpose of cancelling the bail of the accused, sources informed The Express Tribune. At the same time, the FIA authorities are reluctant to lodge an FIR against the accused under section 489-F, according to sources.
Published in The Express Tribune, April 17th, 2012.