LAHORE: Sindh High Court (SHC), on Monday, allowed National Accountability Bureau (NAB) to investigate Jahangir Siddiqui (JS) Investments for Rs 2 billion fraud against National Insurance Company Limited (NICL).
During the hearing, a two-member bench headed by Justice Salahuddin allowed NAB to probe into the scandal because it did not violate the stay order granted to JS Investments by the Court.
The court order stated that the JS Investments had caused a loss of Rs 255 million which can amount in billions if the opportunity cost is considered.
The court order also said that the company benefited from the joint investment and later used illegal tactics, including submission of false FIA report before the court. The company also used illicit means to get a stay order against NAB’s investigations. The truth was brought to light when the correct FIA report was submitted before the court by an intervener.
