LAHORE - A Special Judge Central Abid Qureshi on Monday granted five-day physical remand of former Chairman National Insurance Company Limited (NICL) Ayaz Khan Niazi, the major accused of embezzling Rs 2.75 billion in NICL to FIA. Meanwhile, same court dismissed post-arrest bail application of Major (r) Habibullah Warraich, a co-accused of the said scam. On Monday, FIA authorities produced Ayaz Khan Niazi before special court and sought his physical remand to conduct investigation. The court granted five-day physical remand of Niazi directing FIA authorities to produce him again before the court on December 18, 2010. The same court has also rejected post-arrest bail application of Habibullah Warriach. According to scam details, aforementioned accused were at large. Later, on the directions of apex court FIA had nabbed Niazi from Karachi and they were shifted to Lahore on Saturday while the co-accused Habibullah Warraich was arrested from Lahore. As per initial FIA report, Habibullah Warraich as being minister of state and cabinet member during the Musharrafs regime had purchased hundreds of acres of government land at throw away prices and sold it to National Insurance Corporation (NICL) at ten times higher price. The accused had purchased land at the rate of Rs200, 000 per acre and after a short while sold it off to the NIC at Rs2, 200,000 per acre, thus inflicting a loss of Rs1.68 billion to the exchequer. The accused had also drawn a bank loan of Rs550, 000,000 and later defaulted. At that time NICL was headed by Ayaz Khan Niazai. In the second episode of the scam, NICL had purchased five commercial plots, worth Rs530 million from Mohsin Habib Warriach son of Habibullah for an amount of Rs1.653 billion but according to revenue record the rates of said areas land was just Rs8 million to Rs8.5 million at that time when this deal was made. After this, both accused were booked in two cases. The apex court had taken a Suo Moto notice of former ministers corruption in connivance with former NICL Chairman, after which FIA arrested them. Imran shah 13-12-2010.