NAB held two for their alleged involvement in PPCBL

Salim Ahmed

Lahore

National Accountability Bureau (NAB) Lahore has apprehended two accused persons namely Muhammad Boota Sajid and co-accused Tahir Iqbal Butt from Lahore against their alleged involvement in Punjab Provincial Cooperative Banks Limited (PPCBL). According to the case details, NAB is probing financial embezzlement and a loss to govt kitty worth millions of rupees by prudently investment with KASB and Trust Investment Bank Limited (TIBL) during 2009 and so on.
Investigations into the graft reveal that accused Tahir Iqbal Butt was serving as a Chief Financial Officer (CFO) of PPCBL and was also a member of the Fund Placement Committee which remains sole responsible of PPCBL funds investment, whereas, the accused as CFO and member of committee was subjected to ascertain and analyze the financial health, credit rating and other aspects regarding the Institute in which PPCBL intends to invest with but the accused failed to apply prudence regarding investment decisions.
Accused CFO alongwith his accomplice, Muhammad Boota, in connivance with each other proposed to invest 200 Million in TIBL despite the later’s weak liquidity position, and a blanket approval of Rs 215 Million was made to invest in KASB.

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