Payback time : NAB arrests two loan defaulters

The National Accountability Bureau (NAB) has arrested two suspects for willfully defaulting on a Rs263.77 million bank loan, said a press release on Sunday. The statement said Mehr Ahmad Shoaibur Rehman Lakk and Mehr Ziaur Rehman Lakk, of the Lakk Developers, availed the finance facility from the Bank of Punjab but did not fulfill their obligations and defaulted. A reference was forwarded to NAB by the State Bank of Pakistan governor to initiate inquiry against the suspects. “During the course of inquiry, the evidence collected revealed that Ahmad and Zia, of the Lakk Developers, in active aid, abetment and assistance of others committed the offence of willful loan default which is punishable under National Accountability Ordinance (NAO) 1999,” said the statement. The suspects were produced before an accountability court on Monday and given into NAB custody on 14-day physical remand.

Published in The Express Tribune, July 27^th, 2015.