MULTAN: National Accountability Bureau (NAB) Multan has presented two cases in its Executive Board meeting for initiation of investigations.
In the first case, a probe against officials of Multan Electric Power Company (MEPCO), Trust Investment Bank and others was authorised for illegally investing Rs 215 million (principal amount).
According to details, the Trust Investment Bank bypassed the procedures, rules and regulations, set by the Ministry of Finance for investment of surplus funds, and directly approached MEPCO with an investment proposal.
The proposal was accepted by the then MEPCO authorities in year 2011-12.
The Bank later on defaulted on the loan on October 6, 2012, by showing its inability to repay the MEPCO loan.
MEPCO later on approached the SECP, and after getting no proper response, lodged a complaint with NAB Lahore. The complaint was processed and an inquiry was authorised.
During the inquiry, it transpired that various MEPCO officials and board members of the Trust Investment Bank and others were responsible for the scam. These officials include former chief executive officer MEPCO Chaudhry Guftar Ahmad Anjum, Syed Mushtaq Hussain Bukhari, ex-finance director MEPCO, Asif Kamal, director Trust Investment Bank, Mir Javed Hashmat, director Trust Investment Bank, Khalid Rafique, director Trust Investment Bank, Mubarak Ali, director Trust Investment Bank, Shahid Iqbal, director Trust Investment Bank, Shahzib Masud, director Trust Investment Bank, Mumtaz Ahmed, director Trust Investment Bank and Muhammad Humayun Nabi Jan, director Trust Investment Bank.
The complaint was filed by officials of MEPCO against previous management's illegalities and fraud.
In another complaint, a verification has been authorised and sent to NAB Lahore for further verification.
The accused, Abdul Qadeer Bhatti, ex-Inspector General of Police, Balochistan, allegedly amassed assets beyond his known sources of income.
The NAB Multan DG said that the Bureau was strictly following NAB Chairman Qamar Zaman Chaudhry's policy of zero tolerance towards corruption.
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