In a major development, the FIA Anti-Corruption Circle in Islamabad has taken action against a high-profile financial scandal involving former top officials of RAILCOP. Early today, three individuals were taken into custody: Syed Najam Saeed (ex-CEO RAILCOP), Muhammad Zubair Hussain (ex-Controller Finance & Accounts), and Meh Run Nisa (ex-Director Commercial & Marketing).
The arrests come under FIR No. 37/2025, registered on June 30, 2025, under various serious charges, including criminal breach of trust and forgery. The trio, in collaboration with another key accused—Mr. Irfan Hameed Khan, the chairman of Indus Valley Industrial Junction (IVIJ)—is accused of orchestrating a complex financial fraud.
According to investigators, a total of 14 fake bank guarantees were created under the names of United Bank Ltd. and Bank Al Habib Ltd. These bogus documents, valued at over Rs. 1.16 billion, were allegedly submitted to various government departments to qualify for major development project tenders.
It’s also alleged that IVIJ unlawfully pocketed nearly Rs. 165 million in commission from RAILCOP for facilitating these fake guarantees. This fraudulent act has not only shaken public trust but has also inflicted a substantial financial blow on the national exchequer.
The arrested individuals are expected to be presented in court tomorrow for remand proceedings, while FIA officials confirm that the investigation is still ongoing and more arrests could follow.
