LAHORE: The National Accountability Bureau (NAB) on Wednesday arrested two bankers in a Rs66.5 million scam.

According to a spokesman, both Mehmood Ahmad, former chief executive officer (CEO) of Crescent Standard Investment Bank Ltd (CSIBL) and Asif Mehmood, ex-CEO of Magrib Development Corporation Ltd (MDCL), a subsidiary of CSIBL, were wanted in a Rs66.5 million scam. They were accused of misusing authority, illicit personal gains and criminal breach of trust, he said.

“Mehmood Ahmed in the capacity of CSIBL CEO extended Musharka facility of Rs1.54 billion to its associated concern MDCL without due care and caution and also without taking required approval of the CSIBL Board of Directors. He thus involved the bank in carrying out the business of real estate and housing finance in violation of the Companies Ordinance. He also received proceeds of Rs45 million from sale of property which was in reality purchased with the bank funds,” the NAB spokesman said.

Similarly, he said Asif Mehmood as MDCL CEO invested CSIBL funds for purchase of properties without exercising due care and caution. He also received proceeds of Rs21.5 million from the sale of the property bought with the bank funds.

The accused were also produced in the accountability court that gave their physical remand till Sept 24.

Published in Dawn, September 10th, 2015

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