Embezzlement: FIA arrests former TDAP chairman from 'secret residence'

Abid Javed Akbar arrested for alleged embezzlement of up to Rs5 billion.

KARACHI: Federal Investigation Agency (FIA) on Thursday handcuffed Abid Javed Akbar, the former chairman of Trade Development Authority of Pakistan (TDAP) for alleged embezzlement, Express News reported.

Abid Javed Akbar is the second TDAP chairman after Tariq Iqbal Puri to be arrested for embezzlement.

Express News correspondent Aadil Jawad reported that FIA had started investigating the accounts of TDAP in July of this year, and to date, has discovered financial discrepancies of up to Rs5 billion in the organization during Akbar's term.

Soon after FIA launched its investigations, Prime Minister Nawaz Sharif suspended Akbar from his post as CEO, following which, the suspended chairman together with many of his subordinates reportedly went into hiding.

A couple of days ago, FIA arrested Director General Abdul Karim Dawood Pota, who then pinpointed the location of Akbar's 'secret residence' in Karachi to facilitate his arrest.