LAHORE – Justice Mazahar Ali Akbar Naqvi of the Lahore High Court on Wednesday adjourned for February 2 hearing of bail petitions of six accused of National Insurance Corporation Limited (NICL) scam including Major (retired) Habibullah Warraich.
The judge adjourned the hearing on the request from counsel for federal investigation agency (FIA) which sought time for submitting reply in the matter. On previous hearing the court had issued notice to FIA on bail petitions as it was FIA that had investigated the scam.
Habibullah Warraich, also former defence minister, his son Mohsin Warraich, Muhammad Maalick, manager of a company owned by Ch Moonis Elahi, are accused of misappropriating NICL’s funds on account of land purchase. Warraich alone has been charged for corruption worth Rs1.68 billion. According to prosecution when he was in cabinet he and his cousin purchased hundreds of acre of government land at low prices and sold it to NICL at ten times higher price.
The accused also defaulted on a bank loan of Rs550 million. Muhammad Maalick is accused of depositing Rs220 million in the account of Mohsin Warraich. The accused in their petitions pleaded that the investigating agency failed to produce any direct evidence against them and delaying the proceedings before trial court on one pretext to other. They said that they were ready to deposit surety bonds to the satisfaction of the trial court if the court allowed them bail. Now the court will proceed on the petition on Feb 2.
