Lahore: Man held over Rs140m bogus loans
LAHORE: The National Accountability Bureau (NAB) claimed on Tuesday to have arrested Zahid Imtiaz on charges of bogus loaning of Rs140 million.
The accused was produced in an accountability court on Tuesday and handed over to the NAB Punjab for a physical remand.
According to the NAB, the accused and his accomplices Omeed Ayyaz Mehmood (manager of NBP, Lytton Road branch) and Rana Imtinan Saeed (NBP legal council) got bogus loans amounting to Rs140 million against fake collaterals.
It was found during the investigation that Imtiaz obtained share of crime proceeds through various bank accounts and purchased properties in Lahore and Murree.
“The accused has been arrested because of the fear that he may flee abroad,” the NAB said.