Thu July 19, 2018
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

National

May 18, 2018

Share

Advertisement

Bank officer remanded in fraud case

LAHORE: An accountability court Thursday granted 11 days physical remand of a Vice-President, Foreign Exchange Department of National Bank of Pakistan Usman Saeed, an accused arrested by the NAB on the charges of embezzling billions of rupees.

As per NAB, the bureau had been digging into the embezzlements worth billions of rupees allegedly being committed in Foreign Exchange Department of NBP, Lahore Branch. Whereas, during the course of investigations, involvement of accused Vice-President, Foreign Exchange Department, unearthed in which different private mega business groups were also known to be involved in the business of evading Letter of Credit (LC) amounts.

Moreover, NAB officials raided the branch and confiscated all the required records, wherein, the record shows involvement of 13 mega business groups and NBP officials to cause a loss to the tune of two to three billion rupees to national kitty. The business groups known to be involved into the scam include Cresent Jute, Ittefaq Sons, Kashmir Funds, PEL, Sargodha Jute, AZ Gard Nine, Big Feed, United Foam, Yousaf Weaving, Escorts Pakistan, Olympia Oils and Sajjad Textile etc. Further probe is underway in the wake of proposed involvement of other bank officials and above-mentioned companies.

Advertisement

Comments

Advertisement
Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar