KARACHI, June 1(TNS): The National Accountability Bureau (NAB) Karachi has consequent upon completion of the investigation, filed Reference against 13 accused persons.
The reference has been filed on the allegations of illegal investment and restructuring of investment amounting to Rs 100 million in First Dawood Investment Bank Ltd (FDIBL) by National Insurance Company Ltd (NICL) during 2008-09.
The said investment was made by the accused persons in violation of policy and with the mala fide intention of illegally favoring FDIBL by boosting their financial health. The illegal investment caused loss of the national exchequer to the tune of Rs 64.057 million.
Last year NAB found substantial evidence of the involvement of JSCL Investment Director which included Ali Raza Siddiqui, Manawar Siddiqui, and Najam Ali, in the NCIL scam and have referred to the matter to the High Court of Sindh.
After hearing NAB, Court ordered NAB to conduct a thorough investigation against JS Investment for defrauding NICL as per the direction of Supreme Court and that NAB does not need to seek authorization of Sindh Court.
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