GUJRANWALA, Aug 13: A scam of Rs220 million embezzlement in the local Allied Bank came to surface on Tuesday.

A raiding team of the Federal Investigating Agency (FIA) arrested two bank managers while the third one managed to escape.

ABL’s Gondlanwala branch manager, GT Road’s Faisal Industry branch manager and foreign exchange section manager had allegedly withdrew Rs220 million through fake documents with the help of Muhammad Arshad, the owner of Arshad Associates.

On receiving information, FIA economic crime wing director Chaudhry Liaquat Ali constituted a raiding team headed by assistant director Akram Shad who conducted raids on ABL branches. The raiding team arrested bank managers Muhammad Ashraf Bajwa and Malik Muhammad Safdar while Muzafar Iqbal Cheema made good his escape.

Meanwhile, the main accused, Muhammad Arshad, had already escaped to some foreign country. Raids were being conducted on the house and hideouts of the fugitive bank manager, but he could not be arrested till the filing of this report.