Daily Times

ISLAMABAD: National Accountability Bureau has arrested three accused for committing alleged embezzlement in NIB Bank.

Those arrested were Regional Distribution Head Fahad Amin Sahibzada, Operational Manager Sohail Sardar and Muhammad Ali.

According to NAB, accused Fahad Amin Sahibzada has been arrested on allegations of misusing his authority in capacity of banker position and committed illegal and fraudulent activities, thus causing loss of Rs 176.72 million to NIB Bank. The amount was transferred through a fake Fund Transfer Request (FTR) to a personal bank account maintained at JS Bank, F7 branch, Islamabad.

Accused Muhammad Ali was maintaining a bank account in NIB Blue Area branch in the name of Solution Unlimited. This account was used as parking account for embezzled amount to route further in other accounts, thus caused millions of rupees loss to NIB Bank in connivance with Fahad Amin Sahibzada, Sohail Sardar and others.

NAB Rawalpindi Director General Zahir Shah said in the light of the directions of NAB Chairman Qamar Zaman Chaudary, all-out efforts are being made to recover the looted money from swindlers and corrupt individuals.

He said the NAB chairman has categorically directed all officials to pursue proactively corruption cases transparently and on merit and take necessary measures to arrest corrupt and proclaimed offenders in order to eradicate corruption from the country.