SC hears NICL case today

ISLAMABAD - A three-member bench of the apex court, headed by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry, will hear the National Insurance Company Limited (NICL) financial scam today. The sources told TheNation that the bench may ask the Federal Investigation Agency (FIA) to file an appeal against a special court on Banking Offences order, which has acquitted PML-Q leader and Member Punjab Assembly, Moonis Elahi, in the NICL scam. The special court on October 21, 2011 had exonerated Moonis in the NICL scam, ruling that there was no chance of his conviction and that the courts could not convict a person on mere presumptions. It has been learnt that a legal team of the FIA is unlikely to file an appeal in the Lahore High Court against the acquittal of Moonis by the lower court in the scam. Sources privy to the development have informed TheNation that the top bosses of FIA have decided in principle not to file an appeal in the higher court against the decision of District & Sessions Court, Lahore, and a message in this regard has been conveyed to its legal branch. The sources said that the court will also examine the investigation report submitted by former Additional Director General FIA Zafar Qureshi on September 30 before his retirement regarding the NICL scam. Zafar Qureshi in his 100-page investigation report had complained that Interior Secretary Khawaja Siddique Akbar and FIA DG Tehsin Anwar Shah had defied the apex courts order as they were non-cooperative with the investigation team and they had given safe exit to FIA Lahore Director Waqar Haider and one Zulfiqar Ali, AD Legal, who had benefited Moonis by de-freezing two accounts. Qureshi stated in the report that when he sought the original report carrying details of foreign accounts of Moonis Elahi from the Director General; he said the report had been lost. However, he said no action was taken against any official responsible for the report went missing. According to the report, in 2007, Moonis Elahi and his Al-Tahoor Company had an agriculture land having worth not more than Rs0.5 million and a meagre amount, however, in 2009, it had the assets having worth of over Rs700 million. The report stated that the fresh investigations into the charges of money laundering have been initiated against the spouse of Moonis Elahi by the Financial Monetary Unit as Rs160 million were dubiously transferred in her account from Dubai. The report said that she is even not a taxpayer. It said the transactions took place during the period when the NICL scam was happening. As far as the foreign account of Moonis Elahi in EFG Private Bank Limited, British Virgin Islands, containing 1,138,792.53 UK pounds is concerned, being the central point of the reference for all the anti-money laundering issues, the matter has been referred to the Financial Monetary Unit (FMU) to coordinate with foreign bank and to receive/analyse the matter, the report said, adding that the FMU had started its work.

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