An officer of National Bank of Pakistan (NBP) in Mardan region embezzled millions of rupees in the Prime Minister’s Youth Business Loan Scheme by opening bogus accounts, said media reports on Thursday.
The accused embezzled about Rs8 million through accounts.
According to the reports, an officer of the bank is found to be involved in the fraud who withdrew withdrew money from the accounts of beneficiaries of the loan scheme with the help of his brother.
NBP Area Credit Manager Shah Nawaz Khan,was running a ‘parallel bank’ and withdrawing money without authorisation from the bank accounts, said the report.
NBP Mardan Region Head Naeemullah Jan confirmed that Khan was running a parallel bank and he had been suspended.
Post scam the investigation team has ordered the NBP executives and Central Unit of Fraud/Forgery (CUFF) should carry out a comprehensive probe to ascertain the exact quantum of losses.
Earlier, an official press release from prime minister’s office of August 19 stated that the premier was unhappy with the way NBP was implementing the scheme, designed to provide sources of livelihood to the youth.