LAHORE, Jan 11: An accountability court on Friday released Haris Steel Mills Director Sheikh Afzal involved in a Rs11 billion loan scam following a “plea bargain” carried out with the National Accountability Bureau (NAB).

The NAB had made a reference against Bank of Punjab’s former president Hamesh Khan, Haris Steel Mills Director Sheikh Afzal, his brother Seth Nisar and many others on charges of obtaining loans of approximately Rs11 billion from 2005 to 2007 on the basis of forged documents.

Hamesh Khan was accused of sanctioning the loans in violation of bank rules.

The accused (Afzal) had requested the NAB to reach a plea bargain and agreed to pay back the loan amount obtained fraudulently. The NAB accepted the request and considered Rs3.5 billion already recovered from the accused as down payment of the full plea bargain of Rs8.405 billion. The accused will pay the remaining amount in 10 installments.

The BoP had raised objections on the plea bargain carried out between the NAB and the accused, however, the court set aside all the objections and ordered release of Sheikh Afzal.