An accountability court on Thursday extended the judicial remand of advocate Imtinan Saeed, Omeed Ayyaz Mehmood and Faisal Rasheed, involved in embezzling Rs 140 million from the National Bank of Pakistan (NBP) as a loan, till July 28. Omeed was the manager of NBP, Lytton Road branch while Imtinan was the legal council of the bank.
Imtinan and Faisal had obtained five loans worth Rs 140 million in the name of five fake entities namely M/s: Paragon Leather, M/s: Imperial Chemicals, M/s: Ikhlaq Traders, M/s: Y to K Traders and M/s: Copier Traders from the NBP, and embezzled the money. The branch manager, in active aid, abetment and connivance of other accused, granted three bogus loans amounting Rs 100 million against fake collaterals.
The accused deliberately omitted the verification process to ascertain genuineness of the mortgaged properties, business worth of borrowers, turnover and creditworthiness of the firms.
