An accountability court on Saturday extended the judicial remand of Imtinan Saeed, Omeed Ayaz Mehmood and Faisal Rasheed until May 6, who are accused of embezzling Rs 140 million obtained from the National Bank of Pakistan (NBP) as a loan through fake documents. Omeed Ayaz Mehmood was manager of NBP Lytton Road Branch while Imtinan Saeed was legal council of the bank.
Imtinan Saeed and Faisal Rasheed established five various companies including Paragon Leather, Imperial Chemicals, Ikhlaq Traders, Y2K Traders and Copier Traders. The accused acquired five loans on fake documents in name of their firms from NBP Lytton Road Branch worth Rs 140 million and embezzled the money.
Mehmood, in connivance with the other accused, granted three bogus loans worth Rs 100 million against fake collaterals. The court, extending the remand, directed t he National Accountability Bureau (NAB) to file the reference against the accused by the next date of hearing.