NICL Scam: Identity theft used to siphon off funds

NICL scam beneficiary carried out monetary transactions in the names of unsuspecting individuals to skim Rs320m.

LAHORE: NICL scam beneficiary, Abdul Malik, carried out monetary transactions in the names of unsuspecting individuals to skim Rs320 million and deflect suspicion from himself.

The At-Tahur manager opened various bank accounts by appropriating the identities of individuals who in the normal course of their lifetime cannot aspire to such fortune.

He submitted their copies of CNICs and operated the accounts in their name, The Express Tribune has learnt.

The manager at Moonis Elahi’s firm is being interrogated by the FIA after being granted four days’ physical remand by the Court of Judicial Magistrate on Tuesday.

The FIA has registered a fresh case against Abdul Malik, manager at At-Tahur Pvt Ltd, with the police for operating fake bank account and withdrawing huge sums of money.

FIA investigators have so far not been able to determine whether the money was spent by Malik or transferred to any other account.

The amount transferred by Privilege Farms Pvt Ltd in these accounts, Mohsin Warraich‘s account and the amount embezzled in the National Insurance Company Limited (NICL) land scam amounts to Rs2.75 billion.

The FIA also summoned Adil in whose name one of the accounts was operated. Currently a cardboard factory worker, he denied opening the bank account.

FIA has traced another fake account operated by Malik. The total amount withdrawn exceeded Rs350 million, sources said. The FIA has requested the court to ensure the recovery of the embezzled amount from Malik.

The post-arrest bail of former state minister for defence production, Major retired Habiullah Warraich, arrested in the NICL scam has been adjourned by the Lahore High Court till January 3, 2011 since the notice from the government’s attorney had not been received.

Published in The Express Tribune, December 29^th, 2010.