NAB arrests two ex-bankers in over Rs66m scam

LAHORE
NAB has arrested Mehmood Ahmad, ex-CEO M/S Crescent Standard Investment Bank Ltd (CSIBL), and Asif Mehmood, ex-CEO Magrib Development Corporation Ltd (MDCL), a subsidiary of CSIBL, in a scam worth Rs 66.50 million accumulatively.
The accused have been arrested on allegation of misuse of authority, illicit personal gains and criminal breach of trust. According to a NAB spokesman, accused Mehmood Ahmed in the capacity of CEO CSIBL extended Musharka facility of Rs 1.540 billion to its associated concern MDCL without due care and caution and also without taking required approval of the Board of Directors of CSIBL. The accused person thus involved the bank in carrying out the business of real estate and housing finance in violation of the Companies Ordinance. The accused received sale proceeds of Rs45m from sale of property which was in reality purchased with the funds of the bank. Similarly, he added, accused Asif Mehmood as CEO MDCL invested funds of CSIBL for purchase of properties without exercising due care and caution. Accused Asif Mehmood received sale proceeds of Rs21.50m from sale of property bought with funds of the bank.