NAB arrests former bank manager for fraud

LAHORE: The National Accountability Bureau (NAB), Lahore arrested a former manager of a private bank on the charges of embezzlement of Rs11.77 million.According to a NAB spokesman, the accused identified as Mushtaq Ahmed had been an absconder since 2007.

The spokesman said NAB Lahore received embezzlement complaint against Mushtaq and an inquiry was authorised regarding corruption and corrupt practices. It was revealed that the accused was operating five fictitious accounts in the name of bogus account holders and transferred hefty amounts into these accounts by allegedly using demand, finance and loan facilities, he added.

The spokesman said, later, the accused in unfavourable circumstances managed to abscond whereas NAB Lahore filed a reference in Accountability Court in 2008. Subsequently, the accused was declared a proclaimed offender by the court.The NAB Lahore on Tuesday arrested Mushtaq Ahmed from Lahore and acquired 10-day physical remand for further investigations.