Industrialist arrested for Rs 400 million bank fraud

Dozens of traders flocked to the police station to claim their money as renowned local industrialist was arrested for issuing fake bank cheques worth Rs 400 million. The accused had issued these cheques to the Bank of Punjab as settlement of his loan payments. The scandal has hit the local headlines at a time when the BoP management is struggling hard to recover from their the financial wounds inflicted by Hamesh Khan and Haris Steel Mills scams. According to detailsthe accused Riaz Arshad Chawala son of Arshad Chawala, chief executive of Messrs T&N, was arrested by People’s Colony police in connection with the default of Rs 400 million that he owed to the bank in terms of his loans.
Later, he was handed over to the Kotwali Road police for interrogation. The news of his detention spread like a jungle fire in the local business community and dozens of businessmen flocked to the police station to claim their money borrowed by the accused from various parties. Kotwali Road police station was closed for visitors as police became helpless to control the increasing number of victims. The DSP, ordering the closure of the police station, told the relief seekers that talks were underway between the Bank of Punjab officials and the accused. It is estimated that accused Riaz Chawala owes more than Rs 3 billion to various parties that had been doing business with him in the past.
Police sources that there are many criminal cases of financial nature registered against the accused in various police stations of the city- three cases in Kotwali, four in Rail Bazar, one case in Gulberg and two cases in People’s Colony. It is learnt that the arrest of Riaz Chawala was made at the orders of Punjab Chief Minister Shahbaz Sharif after a list of Punjab Bank defaulters was submitted to him by the new BoP chairman who was of the view that police must be used for recoveries. It is significant to note that the disputed loan in this case was issued during the tenure of Hamesh Khan when Pervaiz Elahi was the Punjab chief minister.
The accused got Rs 1.25 billion loan for his company, but he defaulted on the monthly installments and was reported to have gone into hiding. Completion of all ongoing uplift schemes by June 30 ordered: The city district government has asked the officials concerned to meet the June 30 deadline for the completion of all the ongoing development schemes. District Coordination Officer (DCO) Nasim Sadiq has announced that the monitoring officer concerned will be held responsible in case the 30 June deadline is not achieved. “It is, therefore, the duty of the monitoring officers to keenly evaluate the speed of work on daily basis in this context”, he said.
“For that matter, it is binding for them to bring to the immediate notice of the authorities any administrative or technical glitch hindering the development work”, he said. This is the way to have a comprehensive and integrated way to tackle the problems so that an urgent settlement could be ensured,” he remarked. He stressed the need of coordination among all the stakeholders and clarified that no scheme was to be left unfinished by 30 June. He was chairing a meeting of the city government departments involved in the development packages of MPAs and MNAs, upgrade of schools’ projects and other uplift schemes.
The meeting was attended by Executive District Officer (EDO) Works and Services Ahmed Tariq, EDO Finance Syed Arshad Hussain Shah, EDO Education Sohaib Imran, EDO Literacy ASI Tarar, DO Building Hassnain Shah, DO Planning Mehar Ramzan, DO Social Welfare Chaudhry Sarfaraz and a number of other officers. The DCO advised the officials to undertake the work in a transparent manner, maintaining high quality standard. He directed them to observe the description of work in accordance with the drawings and plans.
MAN TAKES PESTICIDES AFTER SUCIDE OF HIS WIFE: The man who attempted to end his life by taking pesticides after hearing the news of his wife’s suicide is recovering at Allied Hospital. According to the details, Rukhsana Bibi was married to Amjad Javed of Bahmani Wala village in Gojra. The couple was having some adjustment problems that led the wife to quit his husband. The estranged wife had been living with her parents for quite some time. On the day of the incident, Amjad Javed was shocked to hear the news that his wife had committed suicide. He could not withstand the shock and grief and took pesticides. He was taken to Allied Hospitasl in a critical condition.