LAHORE, March 16: The National Accountability Bureau's Punjab chapter has arrested a tycoon in a loan default case and another accomplice of Double Shah.

According to the NAB, Abdul Qadir Jhangda, a tycoon wanted by NAB's Sindh chapter, was involved in willful default of a Rs311 million loan he had obtained from KASB and the National Bank of Pakistan.

A spokesman said he would be handed over to the bureau's Sindh chapter after completion of legal formalities.

The NAB also arrested Zahid Farooq Cheema, an accomplice of Syed Sibtul Hasan Gilani, alias Double Shah, on charges of cheating public at large and concealing illegal proceeds.

Cheema, in connivance with his principal accused Gilani and his associates and close relatives lured and invited the general public and investors to deposit money with them on the promise of returning their deposits with unprecedented profit after the expiry of specified period.

The spokesman said the accused had also been found involved in receiving the amount in bulk from Gilani.

“The accused is also in possession of assets or gains acquired or made by principal accused or co-accused as consequence of offence by cheating public at large by receiving investment with 100 per cent profit amounting to corruption and corrupt practices under the provision of National Accountability Ordinance, 1999,” the spokesman said.