LAHORE, Nov 1: An accountability court fixed Nov 8 for indictment of a former chairman of the defunct Milli Cooperative Multipurpose Society Ltd (MCSL), Chaudhry Wali Mohammad, who was given copies of the reference on Friday.

As alleged in the reference, Mr Wali connived with some politicians to buy and sell disputed properties at inflated prices and utilised the MCSL money in these wasteful expenditures in abuse of his official position.

He is also accused of failing to exercise his authority as the MCSL chairman to check embezzlement of funds and violation of cooperative laws perpetrated by his subordinates. The NAB has also accused him of advancing loans to his cronies without collaterals.

Preliminary investigations suggested that at the time of MCSL’s dissolution in 1991, the society owed Rs52.16 million to more than 500 depositors including pensioners, widows and other lower-middle class people.