LAHORE: The National Accountability Bureau (NAB) on Wednesday handed over a cheque worth over Rs110 million to the National Bank of Pakistan (NBP) after recovering the amount from a private firm under the plea bargain (PB) law.

NAB Lahore Director General Shahzad Saleem presented the cheque to a representative of the NBP during a ceremony held at the bureau’s headquarters at Thokar Niaz Baig here, according to a spokesperson. He said the administration of a private firm, Messrs Z B Hosiery Pvt Ltd, had caused losses of millions of rupees to the national exchequer by issuing fake letter of credits (LCs) and bogus export bills.

Meanwhile, he said the anti while-collar crime agency took notice of the alleged corruption and started probing the matter. In 2017, he added, the bureau filed a reference before an accountability court against accused Shehnaz Akram, who later approached the NAB for a plea bargain.

Subsequently, NAB Chairman Javed Iqbal while fulfilling all the legal formalities allowed the PB which led to the recovery of Rs110 million.

Copyright Business Recorder, 2021