Karachi: NICL chief remanded in jail custody
KARACHI: A judicial magistrate on Monday remanded the chairman of the National Insurance Company Limited (NICL) in judicial custody in a land scam case till Dec 9.
NICL chairman Ayaz Khan Niazi, who surrendered with his accomplices on Nov 23, has been charged with violating the rules in the procurement of land at high rates, causing huge financial losses to the national exchequer.
The Federal Investigation Agency (FIA) produced the suspect before the judicial magistrate (east), Abdul Hafeez Methlo, who sent him to prison on judicial remand and directed the investigation officer to submit a charge-sheet on the next hearing.
A case (FIR 21/10) was registered under Sections 409, 420, 468, 471 and 109 of the Pakistan Penal Code read with Section 5 (2) of the Prevention of Corruption Act-II, 1947 at the FIA Commercial Bank Circle, Karachi.