Islamabad (TNS) Accused Persons namely (1). Syed Najam Saeed, Ex-CEO RAILCOP, Islamabad, (2). Mr. Muhammad Zubair Hussain, Ex-Controller Finance and Accounts and (3). Ms. Meh Run Nisa, Ex-Director Commercial & Marketing have been arrested in FIR No. 37/2025 dated 30-06-2025 U/s 109, 409, 420, 468, 471 PPC r/w 5(2)47 PCA 1947 on the allegations that they in connivance with another accused person namely Mr. Irfan Hameed Khan s/o Abdul Hameed Khan, Chairman of M/s Indus Valley Industrial Junction (IVIJ) prepared/ managed Fourteen (14) fake/ bogus Bank Guarantees of United Bank Ltd. and Bank Al Habib Limited worth Rs. 1,167,301,905/- in favour of different government departments for participation in tendering processes of development projects. M/s IVIJ received Rs. 164,969,160/- as commission from RAILCOP Islamabad in respect of providing said Fourteen (14) fake/bogus Bank Guarantees illegally.
Thus, they caused huge loss to the tune of Rs. 164,969,160/- to national exchequer.
Investigation is underway.
