NAB arrests VP Askari Bank on corruption charges

[Lahore_Real_Estate]

LAHORE: National Accountability Bureau (NAB) Punjab has arrested Vice President Askari Bank Ltd Lahore and Ex-Manager Bank Al-Falah Ltd under the charges of embezzlement of Rs 200 million, misuse of authority and breach of trust.

According to NAB spokesman here Wednesday, the accused Khawar Rasheed was arrested after cancellation of his bail application by the Lahore High Court. The accused will be produced before Accountability Court for custody on physical remand on November 25 (Thursday) to interrogate him.

The NAB initiated investigation against the accused and others on a complaint filed by Sikandar Raja,Account Holder Bank Al-Falah Ltd. After detection of fraud and internal inquiry, the bank also logged formal complaint with NAB Punjab.

It revealed during the investigation that the accused while posted as Manager Operations in 2006 at Bank Al-Falah Ltd Taufal Road, Lahore Cantt in connivance with Muhammad Sajjad Khan, Misbah Shaukat and others made withdrawals from various Pakistani and foreign currency bank accounts.

The accused Khawar Rasheed and Misbah Shaukat being employees of bank were found involved in facilitating withdrawals without proper verification and other codal formalities. Khawar Rasheed has confessed his offence before Fraud Investigation Unit of the Bank.

The accused was arrested on apprehension of exit from the country thus hindering investigation or may alienate properties/illegal gains or tempering prosecution evidence.