The Lahore High Court (LHC) here Thursday issued notice to Federal Investigation Agency (FIA) for January 26 in bail petitions of six accused in National Insurance Corporation Limited (NICL) scam. Habibullah Warraich, his son Mohsin Warraich, Muhammad Maalick, manager of a company owned by Chaudhry Moonis Elahi, were accused of misappropriating NICL's funds on account of land purchase.
Warraich alone has been charged for corruption worth Rs 1.68 billion. According to prosecution when he was in Cabinet Warriach 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 Rs 550 million. Mohammad Maalick is accused of depositing Rs 220 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 to other pretext. They said that they were ready to deposit surety bonds to the satisfaction of the trial court if the court allowed them bail.