Accused was a member of the board that illegally approved an investment of Rs10 billion
KARACHI: Shahab Siddiqui, accused in the NICL scandal, was arrested during an operation in Karachi on Tuesday, a NAB spokesperson confirmed.
Siddiqui, the former manager of National Insurance Company Limited's investment policy division, had reportedly made an illegal investment that had resultedin a loss of Rs64 million to the national exchequer.
The accused was also a member of the First Dawood Investment Bank Limited (FDIBL) that had illegally approved an investment of Rs10 billion in 2008.
He was reportedly involved in five deals of purchasing properties in Karachi andLahore worth Rs5 billion. The properties were allegedly bought at prices much higher than their market value.