KARACHI, Nov 23: A judicial magistrate (east) on Tuesday remanded the chairman of the National Insurance Corporation Limited (NICL) in the custody of the Federal Investigation Agency till Nov 30 in a land scam case.

The NICL chairman, Ayaz Khan Niazi, surrendered himself to the authorities on Tuesday.

He along with others was arrested for allegedly violating the rules in the procurement of land on high prices, which caused a huge financial loss to the exchequer. He was booked in a case (FIR 21/2010) registered at the FIA Crime Circle, Karachi.

The magistrate remanded the suspect in FIA custody for seven days and directed the investigation officer to produce him in court on the next date.