Businessman convicted in loan default case in Karachi
KARACHI: An accountability court on Thursday sentenced a businessman to seven years’ imprisonment in a loan default case. Sadaruddin Gangi was prosecuted for failing to repay the loan he had obtained from the Allied Bank Limited.
According to the prosecution, the defendant, along with the absconding accused, availed the loan facility with the bank in the sum of Rs650 million for importing palm oil, but he embezzled the loan, causing a huge loss to the bank.
The AC-II, headed by Judge Syed Kausar Ali Bukhari, observed that the prosecution had proved its case against the defendant beyond any shadow of doubt and convicted him under the NAB Ordinance. The court also imposed a Rs10 million fine and ordered attachment of his property.