LAHORE: The Federal Investigation Agency (FIA) has arrested the owner of a rice mills and recovered Rs29 million it owed to a bank.

According to the FIA, under the supervision of Director Punjab zone-II Dr.Athar Waheed and Deputy Director Bahawalpur Altaf Gohar Wattoo, a recovery of 29m was made from Zaitoon Rice Mills, Bahawalnagar, on Wednesday.

“Bank Alfalah lodged a complaint that Zaitoon Rice Mills has misappropriated pledged stock and thus wilfully defaulted Rs29m and caused huge loss to the bank,” it said.

The FIA further said upon the bank’s complaint, a first information report was registered and Usama Anwar, chief executive officer of the rice mills was arrested after interim bail was rejected by the trial court on Tuesday.

“Today (Wednesday), the rice mills deposited Rs29m to Bank Alfalah,” it said.

Published in Dawn, May 6th, 2021