The Federal Investigation Agency (FIA) on Thursaday declared former NICL chairman Ayaz Khan, member of the board of directors of NICL Qasim Dada and Mohsin Waraich absconders in the National Insurance Company Limited (NICL) scam.
The FIA has ordered the arrests of 12 people and seized the account of Habib Warraich Company worth Rs1.1 billion. The Habib Warraich Company was found to have already given cheques worth Rs580 million to NICL.
FIA sources say nine out of 12 accused have been arrested and are on remand while efforts are being made to find the remaining three.
An FIA team raided a rest house in Defence while looking for Ayaz Khan last night. They recovered hundreds of bottles of imported liquor for which a case was then registered at the Defence police station.
Habibullah Warraich, a former state defence minister, is accused of embezzling Rs1.68 billion from the company funds. He was charged with selling 800 kanals to the NICL at inflated rates.
He was arrested on October 31 from his residence for the corruption charges after which his assets, worth an estimated Rs1.2 billion were frozen.
Yesterday, Habibullah Warraich requested NICL to allow him to return the money he took in installments.