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September 21, 2010

Four ZTBL fraud accused jailed

Peshawar

September 21, 2010

LAHORE
AN accountability court on Monday awarded seven years jail term to a former manager of Zarai Tarakkiati Bank Limited (ZTBL), Dera Ghazi Khan, Ahmed Ali Khosa, in a case of Rs 59.81 million embezzlement.
Accountability Court Judge Mian Subah Sadiq Watto has also imposed Rs 25.7 million fine on the convict. The court also convicted three other accused in the same scam.
Co-accused ZTBL Dera Ghazi Khan former Sub-Manger Khalid Muhammad has been awarded four years imprisonment and Rs 14.1 million fine. The court has awarded three-year jail term to former mobile credit officer (MCO) of the said bank, Ghulam Mujtaba. He was also fined Rs 7.8 million. Another accomplice in the fraud, Azeem Mizari, has been warded three years imprisonment and Rs 4.7 million fine.
The National Accountability Bureau (NAB), Punjab, had filed a reference 20/2006 in the accountability court against them on charges of fraudulent loaning through bogus documents and misuse of authority, which caused loss of Rs 59.81 million to the ZTBL. Investigation conducted by the NAB revealed that accused Ahmed Ali Khosa while posted as manager of ZTBL, Choti Zareen, Dera Ghazi Khan, during 1998 to 2002 sanctioned 100 fake loans worth Rs 59.81 million on the bases of bogus documents. This embezzlement was committed in connivance with co-accused Khalid Muhammad, Azeem Mizari and Ghulam Mujtaba.
The accused had issued bogus pass books and unauthorised redemption letters and allowed release of properties mortgaged with the bank, thus causing loss of public money. The accused were arrested during investigation and their plea bargain applications were rejected due to lesser amounts offered by them as compared to their liabilities.

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