Renowned industrialist Iqbal Z Ahmed, chairman of the Associated Group and a notable energy entrepreneur, was arrested in Hyderabad after an accountability court rejected an extension of his bail.
The corruption case, causing a loss of Rs29 billion to the national treasury, involves transactions from Ahmed’s companies in foreign countries, including the UK.
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Ahmed faces a reference under the Money Laundering Act, approved by the NAB chairman in December 2013. Throughout the years, Ahmed’s name has surfaced in multiple corruption cases, including the Rs22 billion Rental Power Projects reference. In November 2014, Ahmed obtained a stay order against proceedings conducted by the anti-corruption watchdog.
Another graft case related to an LPG deal by the Oil and Gas Development Company in October 2013 implicated Ahmed in making illicit transactions through a money exchange. He was accused of sending Rs1.74 billion abroad to obtain foreign exchange for payments to his companies and others. The arrest comes amid increased scrutiny of individuals involved in financial irregularities and corruption in Pakistan.
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