KARACHI: The National Accountability Bureau on Tuesday claimed to have arrested a man for his alleged involvement in the National Insurance Company Limited (NICL) corruption case.

In a statement, NAB said that Shahab Siddiqui, a former manager of the investment policy at the NICL, was part of an in-house investment board that processed and approved alleged illegal investment of Rs100 million in the First Dawood Investment Bank Ltd (FDIBL) during 2008-09.

He was nominated in a reference filed against several former NICL officials — 13 of them have been indicted in the case, it said.

“The said investment was made by the accused persons in violation of the policy and with mala fide intentions of illegally favouring the FDIBL by boosting their financial health. The illegal investment caused a loss of around Rs64.057 million to the national exchequer,” added the statement.

Published in Dawn, June 20th, 2018