The Lahore High Court (LHC) here on Wednesday adjourned to February 02 next the hearing of bail petitions of six accused of National Insurance Corporation Limited (NICL) scam including Major and former defence minister Habibullah Warraich (Retd), as counsel of Federal Investigation Agency (FIA) sought time for submitting reply.
Habibullah Warraich, his son Mohsin Warraich, Muhammad Maalick, manager of a company owned by Chaudhry Moonis Elahi, are accused of misappropriating NICL's funds on account of land purchase. Warraich alone has been charged for corruption worth of Rs 1.68 billion. According to prosecution his cousin purchased hundreds of acres of government land at low price and sold it to NICL at ten times higher price. The accused also defaulted on a bank loan of Rs 550 million. Muhammad Maalick is accused of depositing Rs 220 million in the account of Mohsin Warraich.
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