Lahore, March 22 (TNS): Envoy-designate to US Ali Jahangir Siddiqui was interrogated by the National Accountability Court (NAB) on Thursday in the embezzlement allegation against him, says a press release issued by the anti-graft watchdog.
Siddiqui was presented in NAB Lahore where he was interrogated for one-and-a-half hour.
NAB Lahore office had summoned Pakistan’s ambassador-designate to the US. A notice issued to Siddiqui accused him of causing losses of Rs40 billion to investors.
Siddiqui’s companies Azgard Nine Limited (ANL) and Agritech have been accused of embezzlement in the stock market, insider trading and inflicting losses to its shareholders worth billions by investing abroad. According to sources, Jahangir’s company artificially increased its shares, more than its actual value.
According to NAB, Ali Jahangir sold his company Agritech’s share for Rs35 to government departments instead of its actual worth Rs11.