NAB nabs exporter over bank default | Pakistan Today

NAB nabs exporter over bank default

KARACHI – A leading exporter has been arrested by the National Accountability Bureau (NAB) -Sindh for alleged wilful bank default of Rs311 million. According to an announcement of NAB-Sindh on Wednesday, Abdul Qadir Jangda, proprietor of M/S Bukhari Commercial Exporters was arrested from Lahore for defaulting on commitments to KASB Bank and National Bank, and submitting fake property documents.
A complaint was filed through the State Bank governor against Jangda, and Muhammed Hanif Memon, the mortgager, for submission of fake documents under Section 5 of the National Accountability Ordinance. A similar case against the accused was registered for loan default of NBP amounting Rs 261.598 million. The accused in November 2008 had applied for an out-of-court settlement with NAB in both cases.
At the time, 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. Later, on March 7, 2011, the NAB chairman issued arrested warrants against the accused.

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