KARACHI, Oct 1: The special court for offences in the banks, presided by Judge Syed Ikram Hussain Jafferi, issued non-bailable warrants for the arrest of M. B. Abbasi, a former cheif of the defunct National Development Finance Corporation, and 10 others in an over Rs246 million loan default case.

The judge ordered the Federal Investigation Agency to arrest the absconding accused and produce them before the court on Dec 10.

The case against four NDFC officials, including Mr Abbasi, and seven directors of the Zeenat Coating Limited has been filed on the complaint of an NDFC official for defrauding the corporation of Rs246.451 million in 1998.

The seven directors — Imran Saeed, Waheed Ahmed naseem Ullah, Wajid Ali, Shaukat Ali Khan and Mohammed Naveed Khan — had secured the loan for establishing an industry on the Faisalabad Road in Shaikhupura. However, they did not invest the money on the project.

M. B. Abbasi and his six sub-ordinates — Khalid Mehmood Salim, Amjad Khan, Mohammed Munawwar, Afzal ul Haq, Mohib Ullah Shah and Nisar Hussain Khan — were booked in the case for sanctioning the loan without guarantee and security from the defaulting firm.

Three NDFC officials, Khalid, Amjad and Munawwar, later obtained bail, while Abbasi and three others remained untraceable.

AALMI ACTIVISTS: Judge Arshad Noor Khan of the Anti-terrorism Court No. 3 ordered the police to submit final charge sheet against five workers of the banned Harkatul Mujahideen Al-Aalmi till Oct 3.