LAHORE - Judicial Magistrate Arfan Anjum on Tuesday granted first four-day physical remand of Muhammad Malik to FIA, a co-accused in NICL Rs 2.75 billion scam. On Tuesday, FIA Deputy Director Basharat Muhammad Shahzad produced Muhammad Malik before the court and sought his physical remand for seven days. He pleaded before the court that FIA had to recover an amount of Rs 220 million from the accused which was received by him from Allied Bank, Airport Branch, on April 22, 2010. However, the court handed over physical custody of Muhammad Malik to FIA for four days as the court also directed the FIA authorities concerned to produce the accused before the court again on January 1, 2011. As per initial report of FIA, Habibullah Warraich being minister of state and cabinet member in Musharrafs regime had purchased hundreds of acres government land at throw away prices and sold it to National Insurance Corporation (NICL) at ten times higher price than actual. The accused had purchased land at the rate of Rs 200,000 per acre and after a short while sold it off to the NIC at Rs 2.2 million per acre, thus inflicting a loss of Rs1.68 billion to the exchequer. The accused had also drawn a bank loan of Rs 550 million 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 Rs 530 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 Rs 8.5 million at that time when this deal was made.