ISLAMABAD – The Federal Investigation Agency (FIA) informed the Supreme Court on Monday that an amount of Rs1.68 billion has been recovered and challan against the accused forwarded to the court of competent jurisdiction. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Tassaduq Hussain Jillani and Justice Sarmad Jalal Osmany was hearing a suo motu case against violation of public procurement Rules, 2004 by National Insurance Company Ltd (NICL) in the procurement of land on highly enhanced rates causing billions of rupees loss to the national exchequer.
The court heard the case regarding alleged violation of rules by former NICL chairman Ayaz Khan Niazi in the procurement of land. Zafar Ahmed Qureshi, Additional DG FIA submitted a report stating that in respect of a case pursuant to land equal to 804 kanals, an amount of Rs.1,68,63,00000/- has been recovered. In another case, he stated that an amount of Rs 80 million has been recovered. He further submitted that according to the latest evaluation conducted by neutral evaluator M/S NESPAK, there is a difference of value to the tune of Rs 500 million, thus the balance amount i.e. Rs.420 million is yet to be recovered from the accused.
Rs 1.68b so far recovered in NICL case, FIA tells SC
