The accused was produced before the accountability court on November 30 and handed over to NAB Punjab on a physical remand till December 8 for further interrogation.
Earlier, an investigation was authorised by NAB Punjab against Imtiaz and others on a complaint filed by the manager of National Bank of Pakistan, Lyton Road, Lahore. It was alleged that the accused in active aid, abetment and connivance of other accomplices, acquired bogus loans amounting to Rs140 million against fake collaterals.
During investigation, it was revealed that Imtiaz had obtained a share of these proceeds through various bank accounts and purchased properties in Lahore and Murree. The accused has been arrested as he was expected to leave the country.
Published in The Express Tribune, December 1st, 2010.
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