NAB Karachi Files Rs.100mln Illegal Investment Reference

KARACHI, (UrduPoint / Pakistan Point News - 1st Jun, 2018 ) :The National Accountability Bureau (NAB)Karachi has filed a reference against 13 accused in an alleged illegal investment and restructuring of investment amounting to Rs.100 million in First Dawood Investment Bank limited (FDIBL) by the National Insurance Company limited (NICL) during 2008-09.

The reference is filed upon completion of an investigation, said a NABKarachi's statement issued here on Friday.

The said investment was allegedly made by the accused persons inviolation of policy which caused a loss to the national exchequer tothe tune of Rs.64.057 million.

Meanwhile, former Managing Director of Karachi Water and SewerageBoard (KW&SB) Brig. (Retd) Iftikhar Hussain who was arrested on May 28,2018 in 25 acres land scam, was produced before an Accountability Court ofKarachi and has been remanded till June 7, 2018.