ISLAMABAD, July 9: The National Accountability Bureau (NAB) has prepared two fresh references involving Rs59 million.

The decision to prepare the references was taken by the NAB’s executive board at a meeting held on Wednesday.

Presided over by NAB’s chairman Nawid Ahsan, the meeting was attended by prosecutor general accountability, directory general awareness prevention, director general financial crime investigation wing, director general operations, deputy prosecutor general accountability, chief of staff and directors.

The meeting approved a reference against Malik Mohammad Khan, former chairman of the Agricultural and Allied Services Cooperative Development Society (AASCO), and seven others.

The NAB has virtually become toothless after promulgation of the National Reconciliation Ordinance. The government is reported to be considering a proposal to wind up the NAB or turn it into another authority.

According to NAB, investigations have revealed that the accused, including the society’s chairman, vice-chairman and directors misappropriated a sum of Rs47.79 millions.

The accused committed offences of criminal breach of trust by misappropriating amounts of depositors, causing loss to the cooperative society.

The meeting approved another reference against Mushtaq Ahmed, a former manager of the MCB’s branch in Satellite Town of Sargodha.

During investigation it was revealed that the accused had misappropriated/embezzled an amount of Rs11.77 million by committing fraud and forgery in respect of different PLS, saving/current accounts.

The accused, without the knowledge of the account holders, opened four accounts in their names by forging their signatures and fraudulently sanctioned running finances in their names and withdrew the amounts, NAB officially announced.

The meeting closed some cases because of lack of prosecutable evidence. These include cases against two former officials of Pakistan Steel Mills, ex-director (commercial) K.A. Sharma and ex-director (production) Mirza Tariq Baig, some officers of Wapda in Balochistan and the administrator and some other officials of the Evacuee Trust Property Board.