NAB arrests accused in NICL reference


KARACHI: The National Accountability Bureau (NAB) on Tuesday arrested accused Shahab Siddiqui from Karachi, who was nominated in a reference filed against former NICL authorities in which 13 officials have already been arraigned as accused.

Accused Shahab Siddiqui is a former NICL manager investment policy and was also part of in-house investment board that processed and approved the illegal investment of Rs100 million in First Dawood Investment Bank Ltd (FDIBL) during 2008-09.

The said investment was made by the accused persons in violation of policy and with the mala fide intention of illegally favouring FDIBL by boosting their financial health.

The illegal investment caused approximate loss of Rs64.057 million to the national exchequer.