LAHORE: NAB has arrested former managing director of Punjab Provincial Cooperative Bank Ltd Liaquat Durrani for his alleged involvement in financial mismanagement of funds.
According to a NAB spokesman, the Bureau has been investigating financial embezzlement of Rs215 million through illegal investment with weak, unlicensed and defaulter banks during 2009 and onward.
He stated that investigations into the graft case revealed that accused Liaquat Durrani was illegally appointed on contract basis as PPCBL managing director. He said the accused reinvested the promotion policies to his favoured individuals and by depositing hefty amount with a private bank, the accused caused a loss worth Rs100 million. Later, by misusing his authority, the former MD got appointed his son on an executive post in Khyber Bank.
NAB Lahore has already arrested two other accused Muhammad Boota and Sajid and Tahir Iqbal Butt Wednesday. The accused Liaquat Durrani will be produced before an accountability court for obtaining his physical remand.
