Lahore: Remand extended in fraud case
LAHORE: An accountability court on Thursday extended 14-day judicial remand of three accused allegedly involved in embezzling Rs. 140 million in National Bank of Pakistan.
One accused Omeed Ayyaz Mehmood was the manager of the National Bank of Pakistan, Lytton Road branch, while Imtinan Saeed was the legal cousel of the bank.
Imtinan Saeed and other accused Faisal Rasheed established five different companies, including M/s: Paragon Leather, M/s: Imperial Chemicals, M/s: Ikhlaq Traders, M/s: Y to K Traders and M/s: Copier Traders.
The accused got five different loans on fake documents in the name of their firms from the National Bank of Pakistan, Lytton Road Branch, having the worth of Rs 140 million and embezzled it afterward.
Branch Manager Omeed Ayyaz Mehmood in connivance of other accused granted three bogus loans, amounting to Rs. 100 million, against fake collaterals.
The accused with mala fide intention omitted verification process to ascertain genuineness of the mortgaged properties, business worth of borrowers, turnover and creditworthiness.