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.