KARACHI, Jan 26: The Federal Investigation Agency (FIA) on Wednesday arrested the regional chief of a private bank and the director of a textile company in a Rs200 million fraud case, officials said.

They said the suspects were arrested after a thorough investigation that established their role in the withdrawal of Rs200 million from the Allied Bank Limited (ABL) using fake letters of credit (L/Cs) and export bills.

“One of the suspects is Nuzhat Sheerani, the regional chief of ABL,” said Faqeer Mohammad, the deputy director of the FIA commercial banking circle, which was assigned the investigations.

“His alleged accomplice, Samir Zaheer, is the director of Beeta Textile,” he added.

The official said that further investigation was under way and more arrests were expected.

According to the FIA official, bank officers helped Samir Zaheer open more than 100 fake L/Cs between 2008 and 2010. His bed-sheets manufact- uring company had been mainta- ining accounts with various ABL branches, he said.—Staff Reporter