Iqbal Z Ahmed in Custody
Renowned entrepreneur and magnate Iqbal Z Ahmed was apprehended on Saturday in Hyderabad following a denial by an accountability court to prolong his bail in a case involving causing Rs29 billion in losses to the national treasury in the past.
Two offspring of the magnate, who serves as the head of the Associated Group, were also among those detained in connection with the case. A reference under the Money Laundering Act was initiated against Ahmed, gaining approval from the National Accountability Bureau’s then-chairman in December 2013.
Ahmed, recognized as a leading figure in the energy sector in Pakistan, holds ownership in various enterprises, including the Jamshoro Joint Venture Limited.
The magnate became a subject of the case after substantial transactions amounting to billions of rupees were executed from his companies in various countries, including the United Kingdom, as stated in the reference.
Ahmed’s involvement has been noted in numerous corruption cases over the years, including the Rs22 billion Rental Power Projects reference, where the anti-corruption agency charged then-prime minister and current Speaker of the National Assembly, Raja Pervez Ashraf.
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In November 2014, Ahmed failed to appear in court and obtained a restraining order against the proceedings conducted by NAB.
Regarding the case involving the LPG deal by the Oil and Gas Development Company in October 2013, NAB publicized the recovery of over Rs2.28 billion in cash from officials and private individuals, which also encompassed the leader of the Associated Group.
Iqbal was alleged to have engaged in unlawful transactions through a currency exchange, while concurrently entangled in the rental power projects scandal in 2013.