LAHORE: The National Accountability Bureau (NAB) has arrested five suspects, including four bankers and a urea dealer in a fraud case of Rs 1.6 billion of National Fertilizer Marketing Limited (NFML).
Manager and operation manager Muslim Commercial Bank Lahore, Touqir Hassan and Muhammad Farooq Khan, former manager HBL, Sialkot Farooq Ehsan Bhatti, operation manager HBL, Sialkot Muhammad Yasir Nazeer and urea dealer NFML, Ch Abdur Rehman Bhatti are among the arrested accused.
The accused have been arrested on the allegations of fraud, forgery, misuse of authority and causing loss to national exchequer .The accused in connivance with others helped the dealers to purchase more than 59,000 metric tons of urea in back dates on less rates.
The arrested bank officers facilitated the urea dealers in this criminal act by preparing bankers cheques in back dates.This act of the accused persons created artificial shortage in the market and caused panic among the farmers.
The accused have been remanded into physical custody with NAB till 8th of December, 2015.
