Remand extended in bank fraud case

LAHORE: An accountability court Monday extended judicial remand of one Usman Saeed, Vice-President, Foreign Exchange Department of National Bank of Pakistan, an accused arrested by the NAB on the charges of embezzling billions of rupees.

The court has extended judicial remand of the accused until July 17. The jail authorities didn’t produce the accused before the court due to Covid-19 situation. As per NAB, the bureau had been digging into the embezzlement worth billions of rupees allegedly being committed in Foreign Exchange Department of NBP, Lahore Branch. Involvement of vice-president, Foreign Exchange Department, different private mega business groups was also detected to be involved in the business of evading Letter of Credit (LC) amounts.