Renowned businessman and industrialist Iqbal Z Ahmed was arrested in Hyderabad on Saturday, following the denial of an extension to his bail by an accountability court.
The case involves allegations of causing Rs29 billion in losses to the national exchequer. Two of Ahmed’s sons, who are also implicated in the case, were among those arrested. Ahmed, serving as the chairman of the Associated Group, is recognized as a prominent energy entrepreneur in Pakistan and owns various companies, including the Jamshoro Joint Venture Limited.
The National Accountability Bureau (NAB) approved a reference under the Money Laundering Act against Ahmed in December 2013. The charges stem from transactions amounting to billions of rupees conducted by his companies in foreign countries, including the United Kingdom.
Ahmed’s involvement in several graft cases over the years includes the Rs22 billion Rental Power Projects (RPPs) reference, where he was implicated alongside the then-prime minister and current Speaker of the National Assembly, Raja Pervez Ashraf.
In November 2014, Ahmed obtained a stay order against the proceedings initiated by NAB after failing to appear before the court. Additionally, he faced accusations related to an LPG deal by the Oil and Gas Development Company (OGDCL) in October 2013, with NAB disclosing the recovery of over Rs2.28 billion in cash from officials and private individuals, including the head of the Associated Group.
Iqbal Z Ahmed was alleged to have conducted illicit transactions through a money exchange, compounding his legal issues that already included the 2013 rental power projects scam. Specifically, he was accused of sending Rs1.74 billion abroad to acquire foreign exchange for payments to his own companies and others.
