LAHORE: The National Accountability Bureau (NAB) on Tuesday has re-summoned designated Ambassador to the United States Ali Jahangir Siddiqui for an inquiry into an embezzlement case.
According to the NAB, Ali Jahangir has been summoned again to appear before an inquiry committee for embezzlement charges, after he failed to turn up before the committee following first summon.
Ali Jahangir was previously summoned on March 22 where he did not turn up and has not yet answered a two-page questionnaire acquired by the committee.
Siddiqui, son of Jahangir Siddiqui, is accused of embezzlement of at least 55 billion rupees and a probe regarding this alleged corruption in progress with the National Accountability Bureau (NAB), Federal Investigation Agency (FIA), and Securities and Exchange Commission of Pakistan (SECP).
The inquiries in which Ali Jahangir Siddiqui is named include collection of Rs430 million worth bonus from Jahangir Siddiqui and Company Ltd (JSCL); Rs 255 million loss to the National Insurance Company Limited (NICL) due to investment, insider trading of Azgard Nine Limited (ANL); stock market fraud; Agritech share-holders scandal; purchase of Italian company Monte Bello SRL; insider trading of Pakistan International Container Terminal (PICT) shares and money laundering; illegal relocation of CNG stations of Sprint Energy; financial scandal of Employees Oldage Benefits Institute (EoBI); fraud in EFU shares; Federal Employees Benevolent Funds (FEBF); Sindh Social Relief Funds; illegal issuance of right share of Rs 22 million of the JSCL; fraud in ICI shares; obtaining two licenses of banks in violation of the rules of the SBP; fraud in the value of the shares of CDF; wrong use of powers in the JS Bank; and fraud in the minimum need of capital to the JS Bank.
On March 8, Prime Minister Shahid Khaqan Abbasi approved the appointment of Ali Jahangir Siddiqui as Pakistan’s Ambassador to the United States.
Siddiqui has been serving Abbasi as a special assistant, advising the prime minister on economic and business matters and is chairman of JS Bank Ltd and son of stockbroker-turned-banker Jahangir Siddiqui.
He has previously been a director in Airblue — which is also connected to the prime minister’s family — Lucky Cement, Azgard Nine, and numerous other companies.
He will replace Aizaz Chaudhry in Washington, a career diplomat who previously served as a foreign secretary before being appointed the ambassador to the US.