MULTAN, Aug 5: Three officers of Pakistan Industrial and Credit Investment Corporation (PICIC), Multan branch, were arrested on Tuesday by the FIA on charges of embezzlement of Rs4.2 million.

According to FIA sources, those arrested included former chief manager Mirza Naseer Baig, assistant vice-president Khalil Ahmad and credit officer Safdar Abbas.

At present, the three and cash officer Asif Shah are under suspension and a departmental inquiry is underway against them.

An FIR 4/2003 was registered against cash officer Asif Shah on the complaint of Naseer Baig.

However, Asif gave details and documentary evidences regarding this case to the PICIC president claiming that he was being made a scapegoat by his seniors who were involved in the scam.

On Monday night, FIA’s Commercial and Banking Cell registered another FIR 16/2003 against former Naseer Baig, Khalil, Safdar and Asif on the report of senior vice-president and chief manager of Multan PICIC.

Asif is still at large, while the other three officers were arrested on Tuesday. They will be produced before a court concerned on Wednesday.

The accused had withdrawn the money in the name of a bogus company, Pak China Chemicals, by furnish fake bank guarantee.—APP