NAB arrest Vice President NBP Usman Saeed

Lahore : NAB has arrested vice president National Bank of Pakistan Usman Saeed . He was serving at Foreign Exchange Department at Main Branch and was reportedly involved in the embezzlement of Rs billions .

The investigation team has taken 11 days physical remand of the accused and raided at Foreign Exchange Department to take possession of the record.

The initial inquiry revealed that loss of Rs Billions to National Exchequer was caused by the 13 Mega Business Groups with the connivance of Bank Officers . They issued letter of credit with fake figures and imported items were made clear from Bank without paying any duty. All this crime was happened under the nose of Usman Saeed who was working there as a Head of Department.

NAB has claimed to collect the proofs of Rs 3 Billions corruption and further investigation is being carried out to find the facts and the role of other bank officers .