Ex-NBP official indicted

LAHORE:An accountability court Thursday framed charges against Usman Saeed, former 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 after the indictment of the accused has summoned prosecution witnesses by September 24. 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. Whereas, during the course of investigations, involvement of vice-president, Foreign Exchange Department, was 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. Further probe is under way in the wake of proposed involvement of other bank officials and the companies.