LAHORE: The Accountability Court o has approved 14 days physical remand of two suspects involved in embezzlement of millions of rupees.
The National Accountability Bureau (NAB) arrested two suspects in two different cases of misappropriation and corruption. The NAB investigation team on Tuesday presented them before the court obtained physical remand of the suspects which court allowed for investigations.
According to details NAB Lahore arrested Riaz Qadeer Butt who is a Chief Executive Haq Bahu Sugar Mills Jhang. He has been charged with embezzlement of Rs 1.57 billion. The accused violated an agreement, signed with the Trade Corporation of Pakistan, by not supplying sugar to the Utility Stores Corporation and embezzled the money.
As per details available to Customs Today NAB Lahore arrested another person Abdul Qayyum Chishti, Chief executive of Masters Security (Private) Limited. He opened a brokerage house in the stock market and started fleecing people in the name of giving them big profits on their investments.
The accused collected Rs 229.55 million from 623 people on different occasions and misappropriated the money. He bought shares with this money and then sold them out without informing the actual share-holders, and deposited that money in his personal account.
