Former EOBI chairman arrested for alleged involvement in property scam
Zafar Iqbal had filed a petition for legal protection in the Supreme Court earlier, claiming that the FIA was harassing him. However, he was arrested from outside the apex court today.
He can only be released from jail if he is bailed in all 15 cases filed against him in Lahore, Islamabad and Karachi.
On September 19, FIA's Punjab, Sindh and Islamabad chapters declared Gondal guilty and the principal accused in a Rs34 billion scam, The Express Tribune had learnt.
During the tenure of Pakistan Peoples Party's regime, the EOBI’s former chief – who is the younger brother of the then federal minister Nazar Gondal – had purchased 18 properties in Karachi, Lahore and Islamabad worth Rs34 billion from different parties through dubious agreements.
The purpose of investment in real estate was to gain kickbacks and commissions from the sellers after purchasing their properties at prices much higher than their market value – a transaction that caused huge losses to the national exchequer, sources familiar with the matter told The Express Tribune.
An FIA report available with The Express Tribune said the EOBI purchased these properties in a non-transparent manner by bypassing the PPRA Rules and Operating Manual of the EOBI rules.
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