FIA investigating Rs 1.5 bln APO account embezzlements, Senate body informed

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ISLAMABAD, Jan 26 (APP): The Senate Standing Committee on
Finance, Revenue, Economic Affairs, Statistics and Privatization was
informed Thursday that Federal Investigation Agency (FIA) was investigating the matter of Rs 1.5 embezzlements from the accounts of Abandoned Properties Organization (APO).
The meeting of the committee, chaired by Saleem Mandviwala, was attended among others by Senators Mohammad Mohsin Khan Leghari, Nasreen Jalil, Sardar Fateh Muhammad Muhammad Hassani and officials from State Bank of Pakistan (SBP), National Bank of Pakistan (NBP), HBL, Finance Ministry and National Accountability Bureau (NAB).
The HBL representatives informed the committee that officers of NBP and HBL were involved in the APO scam.
They said that Rs 1.5 billion were transacted from the accounts of APO National Bank Account to HBL APO Builders account in 24 transactions during the two years.
They said the initial inquiry conducted by the bank revealed that Branch Manager and two officers of the HBL and an official from NBP were involved in the embezzlement.
They informed the committee that FIA had identified about 47 properties in the name of these officials who had opened account in HBL with APO Builders title, however, they were of the view that the account number was the same as prescribed by the NBP for transactions.
However, the NBP representatives informed the committee that in addition to NBP and HBL, the officials from APO were also involved in the matter.
Meanwhile, a representative of NAB informed the committee that
reference would be filed soon on the fraud committed in the NBP’s branch in Bangladesh. He said that the reference would be filed against 16 persons within a month.
The Senate body also discussed the matter of enforcement and
collection of monetary decree in respect of one Najam Koreshi and asked the SBP to report to the committee when the amount is transferred to the person.
Meanwhile, National Bank representatives apprised the committee that
an application has been submitted to Chinese authorities to set up National Bank in China adding that it would take almost six months to get approval.
The Senate body was informed by the Joint Secretary of Finance Ministry that the legislation in respect of the Federal Consolidated Fund (FCF) and Public Accounts would be completed in six months, however the committee gave it four months time to do the same and also asked it to present monthly performance reports on the matter.