ISLAMABAD, April 27: The two bankers allegedly involved in a multi-million-rupee fraud and extradited from the UAE were arrested by National Accountability Bureau (NAB) authorities, NAB sources said here on Saturday.

“Agha Matloob Ahmed and Shahzad Nasim were arrested upon arrival at the Islamabad International Airport, the sources said.

This is the first case of extradition from the UAE, relating to an organized financial crime.

The two accused had committed a huge financial fraud through forged and fake bank guarantees, in connivance with a group of bankers and a known business house of Lahore.

An amount of Rs254 million was defrauded in the form of loans from a bank.

The accused were extradited by the UAE government on a request of NAB authorities.

According to details, both the accused played a key role in the commission of the crime. At the time of commissioning of the fraud, they were employed in the banks of Lahore.

They arranged bank guarantees bearing forged signatures. The fake guarantees were subsequently placed as security for obtaining financial facilities from another bank in favour of a known business group.

The accused, along with other major players in this financial scam, distributed the money in proportion to their respective roles in the fraud.

Agha Matloob Ahmed and Shahzad Nasim fled from Pakistan after the discovery of the fraud. After a complaint was lodged by the concerned bank, formal investigations were started by the law-enforcing agencies.—APP