LAHORE, July 10: An accountability court on Wednesday extended Seth Nisar’s remand after the National Accountability Bureau (NAB) brought out fresh allegations of Rs 720 million import duty evasion against the industrialist.

The court had, during the last hearing, directed the NAB, which arrested Nisar on corruption charges, to complete investigation.

NAB says Seth Nisar imported a special kind of steel bearing the specifications of HS 7207-1900 in flagrant violation of rules. The accused evaded import duty and other taxes to the tune of Rs 720 million with the alleged connivance of some customs officials.

Nisar showed his personal servant, Tahir Mirza, a person from lower middle family as the chief executive of Irfan Steel Mills. According to NAB, Tahir had been doing the job of stationery supply while the Irfan Steel Mills was also a bogus company. Investigation brought out that Tahir’s name was used by Nisar in all the commercial correspondence of the company, including those used in the import of steel.

NAB informed the court that Tahir’s whereabouts were still not known.

Nisar was arrested from his residence in New Garden Town on charges of committing Rs 1.5 billion fraud and amassing huge assets disproportionate to his known sources of income.

As alleged by NAB, Nisar created Irfan Seamless Steel Pipe Industries(Pvt) Ltd in 1992, only on papers. The ‘company’ never manufactured seamless pipe but the accused imported steel against its name. He has been accused of evading import duties and taxes of Rs 1.5 billion on such imports by bribing authorities concerned.