NAB arrests two persons involved in PPCBL scam

LAHORE: National Accountability Bureau (NAB) Lahore claimed on Wednesday to have arrested PPCBL Chief Financial Officer and another person for their alleged involvement in PPCBL scam.

According to NAB spokesman, Punjab Provincial Cooperative Banks Limited (PPCBL) Chief Financial Officer Tahir Iqbal Butt and another accused Muhammad Boota Sajid had embezzled millions of rupees causing loss to national exchequer.

The investigation into the scam revealed that PPCBL CFO Tahir Iqbal Butt who was also a member of the Fund Placement Committee which remains sole responsible of PPCBL funds investment, whereas, the accused as CFO and member of committee was subjected to ascertain and analyze the financial health, credit rating and other aspects regarding the Institute in which PPCBL intends to invest with but the accused failed to apply prudence regarding investment decisions.

Accused CFO alongwith his accomplice, Muhammad Boota, in connivance with each other proposed to invest 200 million in TIBL despite the latter's weak liquidity position, and a blanket approval of Rs 215 million was made to invest in KASB and TIBL in 2009 without seeking formal approval from other Fund Placement Committee members.

Accused Boota Sajid was the sole signatory of five cheques amounting to Rs 60 M, 50M, 25M and 20M cheques, respectively, and allegedly caused a commission of offence as defined in National Accountability Ordinance (NAO). Moreover, accused Tahir Iqbal by misusing of his authority and criminal breach of trust altered beneficiary of two cheques with Rs 50M and Rs 25M.

NAB officials are conducting raids in different cities to arrest other officials involved in the graft, whereas, by producing both accused Muhammad Boota Sajd and Tahir Iqbal Butt before and Accountability Court, the NAB has acquired physical remand of them till February 3, 2018.