The Federal Investigation Agency (FIA) earlier today formally arrested deputy Director-General Syed Iqbal Haider of Employees Old-Age Benefit Institution (EOBI) for his (alleged) role in the multi-million-rupee Crown Plaza scam.
Haider is accused of signing papers to purchase Crown Plaza located in sector F-7 Markaz of Islamabad on the illegal orders of former EOBI chairman Zafar Iqbal Gondal.
According to FIA investigations into the scam, which came to light in 2012, the then-EOBI management illegally bought Crown Plaza at double the market price.
The Plaza was purchased by EOBI from the owner, Rana Abdul Qayyum, for an amount of Rs1.2 billion whereas the actual price of the same was Rs550 million and in this way a loss of Rs650 million was caused.
According to the FIA investigations, then-chairman Zafar Iqbal Gondal and EOBI management allegedly persuaded Qayyum into selling his property for a handsome amount and a bid of his choice after paying a percentage to the EOBI management as kickbacks.
The scam was catapulted further into the media limelight when, in June 2013, then-Chief Justice of Pakistan Iftikhar Muhammad Chaudhry took notice of the corruption scandal.
