SC directs NAB to investigate NBP fraud case

An investigation team reaches Lahore to verify affectee's claims in Canal Motor fraud case.

LAHORE: The National Accountability Bureau (NAB), under the directives of the Supreme Court of Pakistan, has started an inquiry into the Rs2 billion National Bank Employees’ Welfare Fund scam between 2003-08.

A statement issued by NAB on Monday read that the case involves senior officials of the NBP who had allegedly misused their authority to embezzle millions of rupees. The top management at NBP had distributed the workers welfare fund among themselves under the pretext of cash achievement awards.

According to an initial investigation in the matter, it was discovered that millions of rupees were divided among top officials between 2003-08. NAB has submitted its initial report to the SC.

The court had earlier directed NAB to look into the scam and to take steps as prescribed under NAO 1999 to recover the embezzled money. The case is already under process in the Federal Investigation Agency (FIA).

The NAB investigation team has asked NBP to provide details regarding the case while the bank's management is yet to respond to NAB’s query.

Canal Motors case

Meanwhile in another case, a NAB Special Operation Wing investigation team has proceeded to Lahore to speed up investigations in the Canal Motors’ case where the accused had allegedly cheated the public out of Rs1 billion under the false pretext of investing the sum.

Canal Motors’ owners had collected millions of rupees from as many as 200 people in the name of importing of vehicles. NAB has already arrested three persons related to the case including the main accused owner Rana Qaisar Nazir. They are currently in judicial custody.

The NAB investigation team was in Lahore to verify the claims of the affected, in order to conclude investigations.