NAB arrests three accused in NIB Bank embezzlement case

ISLAMABAD, April 11: NAB investigation teams have arrested three accused persons Fahad Amin Sahibzada, Regional Distribution Head, Sohail Sardar, Operational Manager and Muhammad Ali in embezzlement in NIB Bank.
The accused Fahad Amin Sahibzada has been arrested on the allegation of misusing his authority in capacity of banker position and committed illegal and fraudulent activities. Thus caused loss to NIB bank to the tune of Rs 176.72 million. That amount was transferred through fake Fund Transfer Request (FTR) to personal bank account maintained at JS bank F-7 Branch, Islamabad.
Accused Muhammad Ali S/O Jhangir Pervaiz maintaining bank account in NIB blue area branch in the name of Solution Unlimited, that account was used as parking account for embezzled amount to route further in other accounts. Thus caused millions of Rupees to NIB Bank in connivance with Fahad Amin Sahibzada, Sohail Sardar and others persons. Accused persons abusing his authority and committed criminal breach of trust and fraudulently embezzled millions of rupees in connivance with other accused persons. DG NAB Rawalpindi Zahir Shah said that in light of the directions of Chairman NAB, Qamar Zaman Chaudary, all out efforts are being made to recover the looted money from swindlers and corrupt individuals.-PR