Islamabad: NAB arrests contractor for fraud of Rs73.6m
ISLAMABAD: The National Accountability Bureau (NAB) Rawalpindi has arrested an accused Javed Iqbal Abbasi, involved in corruption and corrupt practices through embezzlement in government funds. The accused was a government contractor with Ministry of Defence Production. He, with malafide intention manipulated the court decision in application/calculation of interest-rate and illegally received Rs80 million instead of the actual amount which was approximately Rs6.33 million hence committing a fraud of Rs73.6 million.
The accused was awarded a contract for the construction of 48 apartments which he completed and an amount of Rs6.33 million was outstanding on Ministry of Defence Production. He after several years made the concerned authorities calculate interest-rate on the period involved and enhanced the balance amount from Rs6.33 million to Rs80 million without any plausible justification.
After issuance of arrest warrants form NAB chairman, the accused, Javed Iqbal Abbasi has been arrested. His name has been placed on Exit Control List (ECL).He will be produced before the Accountability Court Islamabad for obtaining his physical remand for further interrogation.