Latest news with #SyedNajamSaeed
Business Recorder
05-07-2025
- Business Recorder
Court grants physical remand
ISLAMABAD: A local court on Friday granted a two-day physical remand of three former senior officials of Pakistan Railways' construction wing – Railcop – accused of issuing fake bank guarantees amounting to more than Rs1.16 billion. The Federal Investigation Agency (FIA)'s Anti-Corruption Circle arrested Syed Najam Saeed, the former chief executive officer (CEO) of Railcop, along with Muhammad Zubair Hussain, ex-controller of finance, and Mehrun Nisa, ex-director commercial. The suspects were produced before Duty Magistrate Muhammad Asif Hanjra, where the FIA requested a 10-day remand. However, the court approved only two days. According to investigators, the accused allegedly forged bank guarantees in the names of United Bank Ltd (UBL) and Bank Al Habib to obtain tenders for railway infrastructure projects. The fraudulent activity reportedly resulted in a loss of Rs164.9 million to the national exchequer. Defence counsel argued that the arrests had taken place without due process and questioned why no action had been taken against those who accepted the forged documents. The court rejected the request to discharge the accused. In a separate case, a man accused of murdering a 22-year-old university student of International Islamic University, Islamabad named Eman Afroz at a private hostel in federal capital was remanded in police custody for a further six days. The suspect, identified as Feroz, appeared before Magistrate Hanjra following the completion of an initial two-day remand. Investigators told the court they intend to travel to the city of Jhang to recover the suspect's mobile phone and to carry out forensic analysis on video evidence related to the case. Police had sought a seven-day remand. Copyright Business Recorder, 2025
Business Recorder
03-07-2025
- Business
- Business Recorder
FIA arrests former RAILCOP officials over Rs1.17bn fake bank guarantees scam
The Federal Investigation Agency (FIA) has arrested three former senior officials of RAILCOP, a subsidiary of Pakistan Railways, in a high-profile corruption case involving fake bank guarantees worth over Rs1.16 billion, a statement from the Ministry of Railways said on Thursday. Those arrested include Syed Najam Saeed, former chief executive officer of RAILCOP; Muhammad Zubair Hussain, ex-controller finance and accounts; and Meh Run Nisa, former director of commercial & marketing. The arrests were made by the FIA's Anti-Corruption Circle in Islamabad under FIR No. 37/2025 registered on June 30, according to the statement. The three former executives are accused of colluding with Irfan Hameed Khan, chairman of M/s Indus Valley Industrial Junction (IVIJ), to prepare and submit 14 fake/bogus bank guarantees of United Bank Limited and Bank Al Habib Limited worth Rs1.17 billion in favour of different government departments for participation in tendering processes of development projects. According to the statement, M/s IVIJ received Rs164,969,160/- (nearly Rs165 million) as commission from RAILCOP Islamabad in respect of providing said 14 fake/bogus Bank Guarantees illegally. 'Thus, they caused huge loss to the tune of Rs164,969,160/- to national exchequer,' the ministry said, 'Tomorrow they will be produced in court for remand.' Investigation is underway.
