KARACHI, May 27: The National Accountability Bureau (NAB) has started to look into the allegations of `insider trading` by Jehangir Siddiqui Group in the Azgard Nine Ltd shares, Dawn has learnt from reliable sources.

According to highly placed sources, the additional director Mohammad Tahir of NAB through a May 24, 2013 communication to the SECP chairman on the subject of `insider trading in the Azgard Nine Ltd shares` has sought the information advising it to provide the requested information by June 3, 2013.

The letter says, `It has been brought to the notice of the bureau that Securities and Exchange Commission of Pakistan has earlier established that M/s Jehangir Siddiqui group is involved in insider trading in Azgard Nine Ltd shares.

In this regard a complaint No: 242/2013 was lodged before additional sessions judge, Karachi South by Mohammad Tanvir, deputy director SECP.

`The bureau desires to look into matter in detail, therefore, you are requested to share/provide following information by June 3, 2013, positively.

`a: Investigation/inquiry report undertaken by SECP; b; Copy of SECP complaint lodged before the court post inquiry; c: SECP comments on role of M/s Jehangir Siddiqui Bank Ltd in illegal trading.... This is issued with theapproval of DG (A&P), President Prevention Committee of Procurement/Auctions/Projects/constituted under sections 33C of the National Accountability Ordinance by Chairman of NAB,` concludes the letter.

In a separate letter to the National Bank of Pakistan (NBP) chief on the issue of `insider trading in Azgard Nine Ltd`, Mr Tahir says that `It has been brought to the notice that NBP purchased Azgard shares of Jehangir Siddiqui group in Agri Tech Ltd at double the market price in October 2012.

`It is pertinent to mention that the SECP has established that M/s Jehangir Siddiqui group has been involved in insider trading in Azgard Nine Ltd.

`In view of the foregoing, you are requested to provide complete details of purchase of shares by NBP on inflated price including particulars/data of those officials who are involved in this dubious deal.

`This issues with the approval of DG (A&P), president prevention committee of procurement/auctions/projects/constituted under section 33C of NAO by chairman NAB,` adds Mr Tahir in his letter.

Meanwhile, Adil Gilani, adviser to Transparency International Pakistan, has also sent a letter to the Chief Justice of Pakistan on May 22, 2013 urging him to take action into the issue of insider trading of Azgard shares carried out by various organisations as well as individuals which caused loss of billions of rupees to exchequer as well as investors.