SC bins NAB’s plea towards acquittal of accused in NICL corruption case  

ISLAMABAD: The Supreme Courtroom (SC) on Tuesday rejected Nationwide Accountability Bureau’s (NAB) plea towards the acquittal of the accused named within the Nationwide Insurance coverage Firm Restricted (NICL) corruption case, over lack of proof.

The maintained Lahore Excessive Courtroom’s verdict and set Ayaz Niazi, the principle accused in NICL corruption case and others free over lack of proof filed by the anti-graft watchdog physique.

“NAB’s proof usually are not a lot adequate to show the fees towards the accused”, the highest court docket’s bench remarked.

It might be famous that the then chief justice of the SC Iftikhar Chaudhry had taken suo moto discover of the alleged corruption within the NICL.

Learn extra: Former NICL chairman, 5 others sentenced to jail in land rip-off case

The Scandal

The story of over Rs six billion NICL rip-off broke in 2009-10 when Mohsin Warraich’s firm, Messrs Privilege, bought 803 kanals from the NICL at Mauza Toor, Lahore, for a sum of Rs1.68b. The corporate allegedly offered the land with out getting the property mutated in its favour.

The NICL additionally offered land measuring 20 kanals close to the Lahore Airport Street to Mohsin Warraich for Rs1.7b. It offered the land at a price of Rs5.three million per kanal, though its market worth was a lot increased.

Initially the rip-off was being investigated by the Federal Investigation Company (FIA), but it surely was transferred to NAB in 2014 on the directives of the Supreme Courtroom.

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