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The National Accountability Bureau (NAB), under the directives of the Supreme Court of Pakistan, has started an inquiry into the Rs 200 Crore National Bank Employees’ Welfare Fund scam between 2003-08.
A statement issued by NAB on Monday read that the case involves senior officials of the National Bank of Pakistan who had allegedly misused their authority to embezzle millions of rupees. The top management at NBP had distributed the workers welfare fund among themselves under the pretext of cash achievement awards.
According to an initial investigation in the matter, it was discovered that millions of rupees were divided among top officials between 2003-08. NAB has submitted its initial report to the SC.
The court had earlier directed NAB to look into the scam and to take steps as prescribed under NAO 1999 to recover the embezzled money. The case is already under process in the Federal Investigation Agency (FIA).
The NAB investigation team has asked NBP to provide details regarding the case while the bank’s management is yet to respond to NAB’s query.