LAHORE: The National Accountability Bureau (NAB) has arrested two former officials financing institutions over Rs66.50 million fraud.
The NAB arrested Mehmood Ahmad, Ex-CEO M/S Crescent Standard Investment Bank Ltd (CSIBL), and Asif Mehmood, ex-CEO Magrib Development Corporation Ltd (MDCL) on allegation of misusing authority, illicit personal gains and criminal breach of trust.
Asif Mehmood as CEO CSIBL extended Musharka facility of Rs1.540 billion to its subsidiary MDCL without due care and caution and also without taking required approval of the Board of Directors.
The accused thus involved the bank in carrying out the business of real estate and housing finance in violation of the Companies Ordinance.
Furthermore, the accused received sale proceeds of Rs45 million from sale of property which was, in reality, purchased with the bank funds.
Similarly, Asif Mehmood invested funds of CSIBL for the purchase of properties without exercising due care and caution.
The accused person also received sale proceeds of Rs21.50 million from the sale of the property bought with the bank funds.
