LAHORE, Feb 10: Justice Manzoor Ahmad Malik of the Lahore High Court on Thursday allowed bail to former defence minister Maj Habibullah Warraich (retired) and four others involved in National Insurance Corporation (NICL) land scam.

The judge directed the accused Warraich to deposit bail bonds of Rs20 million to the satisfaction of trial court while the other four accused were directed to furnish bail bonds and sureties of Rs1 million each.

They include Syed Hurr Riahi Gardezi, Syed Ali Athar Naqvi, Muhammad Zahoor and Syed Zahid Husain.

Justice Malik, after hearing petitioners counsel and FIA investigation officer, observed that the amount of Rs40.4 million allegedly embezzled by Warraich had been reimbursed to the account of NICL and the case required further inquiry.

While allowing bail to accused Gardezi, one of the directors of the corporation, the judge observed the accused had not attended the meeting of board of directors wherein decision about purchase and fixation of rate of the disputed land was finalised.

Accused Gardezi was already on interim bail on medical grounds and now his bail was confirmed subject to furnishing of bail bonds.

The other accused, Athar, Zahoor and Zahid, were not the members of board of directors, therefore had no role in policy making, the judge wrote in his order releasing them on bail.

Two other accused involved in the NICL land scam withdrew their bail petitions.

According to prosecution, Warraich, his son Mohsin Warraich, Muhammad Maalick, manager of a company owned by MPA Moonis Elahi, were accused of misappropriating NICL funds on account of land purchase. Warraich alone faces charges for corruption worth Rs1.68 billion. Mohsin and Moonis escaped abroad after FIA started investigation against them.