LAHORE, Oct 19: The NAB on Saturday arrested an accused on charges of Rs40 million misappropriation.

Muhammad Ejaz was produced before an accountability court which remanded him in the NAB custody for two weeks.

As alleged by the NAB, Ejaz in association with his father Buland Iqbal and brother Muhammad Aftab formed a company, Nizami Motors, for the purchase of cars to be rented out later on.

It was alleged that the investors were offered a return of two percent on their original investment. The terms of investment further suggested that the cars would be registered in the name of investors.

According to the prosecution, Rs40 million were deposited with the company by different investors but the whole amount was misappropriated by the three accused as no cars were purchased for business purpose.

The prosecution disclosed that Ejaz’s father Iqbal was already in jail following his arrest on the same charges by Misri Shah police earlier this year. The NAB counsel said Aftab had yet to be arrested in the case.