Bank manager arrested for embezzling Rs 11.77m

National Accountability Bureau (NAB) Lahore arrested ex-manager of a private bank Mushtaq Ahmed on the charge of Rs 11.77 million embezzlement.
According to NAB spokesman, the NAB Lahore received embezzlement complaint against the said accused and an inquiry was authorized regarding corruption and corrupt practices of the accused which revealed operating of 5 x fictitious accounts in the name of bogus account holders and transfer of hefty amounts into these accounts by allegedly using demand finance and loan facilities.
Later, the accused by sniffing non-favorable circumstances managed to become absconder, whereas, NAB Lahore filed a reference in an Accountability Court in 2008. Subsequently, the accused was declared proclaimed offender by the courts.—APP

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