NICL scam: Former chairman sent on physical remand

Niazi is alleged to have been involved in dubious land purchases worth Rs2.75 billion.

LAHORE: The Federal Investigation Agency (FIA) Punjab chapter has given a five-day physical remand to former chairperson of the National Insurance Company Limited (NICL) Ayaz Khan Niazi, who was allegedly involved in dubious land purchases worth Rs2.75 billion.

Meanwhile, the bail plea of another accused, former state minister for defence production Major (retd) Habibullah Warraich, has been rejected.

Habibullah’s counsel told the court that his client was not involved in the scam, directly or indirectly. He said that he was only included due to his son Mohsin Habib Warraich’s  political victimisation by the FIA. However, the FIA, in reply, submitted a record regarding Habibullah’s involvement in the scam. According to the record an amount of Rs447.8 million was transferred into Habibullah’s account.

The report further added that Habibullah withdrew an amount of Rs197.26 million through eight cheques with his own signature, yet the amount has not been returned to NICL, despite canceling the land purchase deal on June 12, 2010.

The bail application of NICL director Syed Hur Riahi Gardazi is also pending in the court on medical grounds. The hearing of his bail plea will be preceded on Tuesday.

Published in The Express Tribune, December 14^th, 2010.