Mill owner held in loan case

LAHORE, March 30: The Punjab chapter of the National Accountability Bureau claimed on Wednesday to have arrested Javed Iqbal of M/s Khalid Oil Mill, Vehari, in a bank loan fraud case. According to NAB, Javed Iqbal and Muhammad Shafi, both partners of M/s Khalid Oil Mill, were cited as accused in the reference under trial in an accountability court. The accused allegedly caused a loss amounting to Rs4.69 million to the bank. The investigation revealed that the accused had availed running finance and cash finance facility from MCB Bank Ltd, Vehari, to the tune of Rs5.5 million against pledged stock. The NAB said the accused misappropriated the pledged stock illegally without paying back the loan. The bank management lodged FIR against them and filed a complaint with the bureau for legal action. The accused has been produced before the accountability court that granted his physical remand till April 13.