NBP’s head of forex branch arrested

All accused were found to be involved in massive corruption

LAHORE: The local chapter of the National Accountability Bureau (NAB) arrested several accused, including the vice-president, who is also the acting head of the National Bank of Pakistan’s (NBP) Foreign Exchange Branch, after a raid on the night between Wednesday and Thursday.

All the accused were found to be involved in massive corruption.

NAB was investigating a case involving the embezzlement of billions of rupees in NBP’s foreign exchange department of its main local branch.

Usman Saeed was arrested after NAB officials conducted the raid. NAB insisted that it had seized relevant record during the raid.

According to initial investigations, NAB found evidence that the accused had acted in connivance with officers and group heads of 13 major business companies, embezzling a massive amount, causing a huge loss to the national exchequer.

They were found to be involved in issuing forged letters of credit and tampering details of imported goods.

The firms involved in the embezzlement scam were identified as Crescent Jute, Ittefaq Sons, Kashmir Feeds, PEL, Sargodha Jute, AZ Gard Nine, Big Feed, United Foam, Yousaf Weaving, Escorts Pakistan, Olympia Oils, Sajjad Textile, Pacific Pharmaceuticals, Ijaz Spinning, Sally Textiles, Steel Complex, Nawa Media and Dares Salam Textile.

The main accused was produced before an accountability court. The court granted 11-day physical remand to NAB.