Misuse of authority: NAB arrests three for alleged embezzlement

ISLAMABAD:

The National Accountability Bureau (NAB) Rawalpindi/Islamabad investigation teams have arrested three people on charges of embezzlement in NIB Bank. The accused, regional distribution head Fahad Amin Sahibzada, operational manager Sohail Sardar, and Muhammad Ali abused their authority, committed criminal breach of trust and embezzled millions of rupees.

Sahibzada was arrested on allegations of misusing his authority and committing illegal and fraudulent activities, causing loss of Rs176.72 million to the bank. The amount was transferred through fake fund transfer request to personal bank account at JS Bank F-7 Branch, Islamabad.

Ali maintained a bank account in NIB Blue Area Branch, Islamabad in the name of Solution Unlimited, and used it as parking account for embezzled amount to further route in other accounts causing loss of millions of rupees to NIB Bank in connivance with Sahibzada, Sardar and others.

NAB Rawalpindi Director General Zahir Shah said that, in light of the directions of chairman Qamar Zaman Chaudhry, all out efforts were being made to recover looted money. He said that NAB chairman has categorically directed all ranks of the bureau to proactively and transparently pursue corruption cases as per standard operating procedures and take necessary measures to arrest offenders in order to eradicate corruption from the country.

Published in The Express Tribune, April 12^th, 2016.