FIA Bahawalpur made a recovery of Rs29 million from Zaitoon Rice mill Bahawalnagar.
The mill owner drew loan of Rs29 million and pledged paddy bags of same worth with Bank Alfalah.
Then mill owner cheatfuly sold the same bags in the market and posed the damage of pledged stock.
Bank management on inquiry came to the facts and lodged a complaint that M/s Zaitoon Rice mill has misappropriated pledged stock and thus wilfully defaulted Rs29 million and caused huge loss to the bank.
Upon this complaint, FIR No 77/21 was registered and Usama Anwar s/o M. Anwar, CEO of the Rice mill was arrested, his bail was rejected earlier by the trial court. On the day of trail, they deposited Rs29 million in Alfalah Bank after FIR from FIA Bwp.
As per details Muhammad Anwar, his wife Mussarat Anwar and son Usama Anwar formed an unregistered partnership firm in the name and style of Zaitoon Rice Mills and started business of sale purchase of Rice & Husking and allied business under partnership deed dated 25-04-2017.
During 2017 the said partners and guarantors availed loan facility of Rs30 million from the complainant bank namely, Bank Alfalah Limited Green Market Bahawalnagar.
The firm mortgaged the factory and 5000 Rice bags of weighing 6,250 maunds valuing Rs30 million, outstanding Rs30 million approximately including markup.
The complainant bank also hired the services of security guard company namely cosmos trading development company and handed over the said stock placed in the factory premises to the Muqadam/security guards.
During the checking of stock on 27-04-2020, it was noticed that Godown keeper was not present at the Godwon and the pledged stock was found missing.
Despite the receipt of legal notices from the complainant bank regarding depositing of outstanding loan amount but did not pay the said amount deliberately with the malafide intention causing wrongful gain and wrongful loss to the bank.
On which under the supervision of Director FIA Punjab zone II, Faisalabad Dr. Athar Waheed and Deputy Director, FIA Bahawalpur, Altaf Gohar Wattoo a case was registered against the accused under FIO Ordinance 2001, a recovery of 29 million rupees was made from the accused party through court.