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Former National Bank of Pakistan president Syed Ali Raza.─DawnNews
Former National Bank of Pakistan president Syed Ali Raza.─DawnNews

The National Accountability Bureau (NAB) on Friday arrested former National Bank of Pakistan (NBP) president Syed Ali Raza on charges of corruption after the Sindh High Court turned down Raza's bail request.

The National Accountability Bureau (NAB) had filed a reference against the former NBP chief and other officials for allegedly misusing their authority by granting and revising financing facilities in the NBP Bangladesh branch that caused a loss of $185 million to the national exchequer.

Implementing the high court's orders, NAB arrested Raza and the co-accused, including Imran Butt and General Manager Bangladesh Waseem Khan.

During a hearing of the bail plea initiated by the former bank chief, NAB apprised the court about the losses inflicted on the national treasury by the accused.

NAB further told the court that 16 individuals had been nominated in the corruption reference in all, adding that Raza and former senior executive vice president Zubair Ahmed had been granted bail earlier.

According to NAB officials, the Bangladeshi citizens involved in the corruption scandal include Saleemullah, Pradeep and Qazi Nizam.