FIA arrests three in fake bank guarantee scandal involving railway projects

The Federal Investigation Agency (FIA) Lahore's Anti-Corruption Circle has arrested three individuals in a financial scandal involving the use of fake bank guarantees issued in the names of UBL and Bank Al Habib, reported 24NewsHD TV Thursday.

According to the FIA, the accused fabricated guarantees in the names of UBL and Bank Al Habib to secure tenders for railways projects.

The FIA estimates that this activity has inflicted a loss of approximately Rs.164.9 to the government exchequer.

The arrests were made under FIR No. 37/2025, based on allegations of preparing and using fake bank guarantees.

A spokesperson for the FIA said that the arrested suspects have been identified as Former CEO of Railway Construction Company (RAILCOP), Syed Najam Saeed, former Controller of Finance Muhammad Zubair Hussain, and former Director Commercial Mehran-un-Nasa.

The national exchequer suffered a loss of Rs.164.9 million due to this fraud. The accused will be presented in court tomorrow.