Lahore, Nov 16 (IANS) Former Pakistani minister of state for defence Major (retd) Habibullah Warraich has been sent to judicial remand by a court here on charges of embezzling Rs.1.68 billion from the National Insurance Corporation (NIC).
Judicial Magistrate Irfan Basra passed the order Monday, the News International reported.
Warraich, who was a minister during the rule of military dictator General Pervez Musharraf, was accused of purchasing hundreds of acres of government land at Rs.200,000 per acre and then selling it to the NIC at Rs.2,200,000 per acre. This caused a loss of Rs.1.68 billion to the national exchequer.
The former minister had also taken a bank loan of Rs.550,000,000 and defaulted on the repayment.
