To expand the scope of investigations into the Rs40 billion Employees Old Age Benefit Institution (EOBI) scam, the Federal Investigation Agency (FIA) has formally sought support from its Punjab, Sindh and Islamabad chapters.
Following a suo motu notice of the scam, Chief Justice Iftikhar Muhammad Chaudhry asked the FIA director general to conduct an independent inquiry into the misappropriation pertaining to over 18 transactions carried out by the EOBI’s former chairman Zafar Iqbal Gondal and its director general.
In compliance of the Supreme Court order, the FIA director has asked the FIA Islamabad, Punjab and Sindh directors to complete the probe so that a reply could be submitted before the SC. FIA’s director general communicated the task to Director FIA Punjab Qudratullah Khan and will hold a meeting with FIA Punjab office-bearers on July 3.
Zafar Iqbal Gondal, Chairman EOBI, along with the institution’s two directors general invested billions of rupees in the private sector, without the approval of the Board of Trustees – thus embezzling more than Rs40 billion rupees.
The FIA Punjab chapter will investigate purchases of assets made in the province through dubious deals at rates much higher than the market price.
Published in The Express Tribune, July 3rd, 2013.
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