GUJRANWALA – The Gujranwala police have arrested Sheikh Mahmood Iqbal, the owner of Master Tiles and Ceramic Industries Limited, after bank cheques worth Rs123 million given by his firm for payment of outstanding electricity bills were bounced due to low balance.
The action was taken by Kamoke police station after Gujranwala Electric Power Company (Gepco) officer Muhammad Hussain filed a case against him. Reports said the company was a defaulter of around Rs428 million.
When the electricity supply company contacted the ceramics firm, it gave them multiple cheques of National Bank of Pakistan.
Billionaire owner of Master Tiles Sheikh Mahmood Iqbal arrested after issuing bounced cheques. According to the FIR Sheikh Iqbal owes GEPCO 12 crores in electric bills. No elites being spared. pic.twitter.com/lh8OfZZ5DE
— Hamza Azhar Salam (@HamzaAzhrSalam) October 2, 2023
When the cheques were deposited with the official bank account of Gepco in April this year, all of them bounced due to low balance in the Master Tiles’ account.
Police have registered a case against Sheikh Iqbal after receiving a complaint from the Gepco officer and locked him up in the Kamoke City Police Station.
