Exporter arrested by NAB for bank default

KARACHI: A leading exporter has been arrested by National Accountability Bureau (Sindh) allegedly for wilful bank default amounting Rs 311 million.

According to an announcement of NAB (Sindh) here on Wednesday, Abdul Qadir Jangda, proprietor of M/s Bukhari Commercial Exporters was arrested from Lahore for default of KASB Bank Ltd and NBP Ltd and submission of fake property documents.

A complaint through Governor SBP against Abdul Qadir Jangda, and Muhammed Hanif Memon, the mortgager was filed for submission of fake documents under section (5) of National Accountability Ordinance to the tune of Rs 97 million in June 2007.

A similar case against the accused was registered for loan default of NBP mounting Rs 261.598 million.

The accused in Nov 2008 had applied for out of court settlement with NAB for both cases. The liabilities were jointly calculated to the tune of Rs 359.067 million and the NAB HQ approved Rs 261 million as full and final payment of both the cases.

However, the accused paid only Rs 10 million as a token towards settlement and fulfill the obligations under settlement.

Later on March 7, 2011, the NAB chairman issued arrested warrants against the accused who has been arrested.