1 more arrested in Rs1.6bn NICL land purchase scam

[Lahore_Real_Estate]

LAHORE: The Federal Investigation Agency (FIA) has arrested one more accused involved in Rs 1.6 billion National Insurance Company Limited (NICL) land purchase scam.

Nine accused, including former state minister for defence production Major ® Habibullah Warriach, were sent to jail on Monday.

The NICL authorities hired the services of two survey firms to evaluate one kanal land situated on the front of a road in Toor Warriach village, sources said. A survey company, Medallion Services, valued the one kanal plot at Rs 2.35 million while the second firm SA Associates valued it at Rs 2.25 million.

Despite the fact that the NICL authorities sought the evaluation of just one kanal plot on the front of the road, but purchased 803 kanals and 19 marlas on the same rate, causing a loss of more than Rs 1 billion to the national exchequer. The NICL authorities called the officials of the survey firms to question the over assessment of the land as compared to the existing market rates, but the authorities could not take any action against them

Sources said that senior advocate Abdul Hafeez Pirzda got Rs 6.5 million as fees from the NICL to appear before the apex court in the land purchase scam. On Monday, the FIA arrested Imran Siddique, managing director of the SA Associates while Hassan Asfahani, managing director of the Medallion Services has also joined the investigation.