LAHORE – An accountability court on Saturday extended the judicial remand of Imtinan Saeed, Omeed Ayaz Mehmood and Faisal Rasheed until April 12. The trio is accused of embezzling Rs 140 million by obtaining loans on fake documents from the National Bank of Pakistan (NBP). Mehmood was the NBP Lytton Road Branch manager while Saeed was the bank’s legal counsel.
Saeed and Rasheed established five companies including Paragon Leather, Imperial Chemicals, Ikhlaq Traders, Y2K Traders and Copier Traders. They acquired five loans worth Rs 140 million on fake documents in the name of their firms from the NBP Lytton Road Branch. Mehmood, who was allegedly involved in the malpractice, issued three bogus loans worth Rs 100 million against fake collateral. The former branch manager issued the loans without verifying the documents of the above-mentioned firms.
