NAB recovers Rs11.64 million from private firm which caused losses to NBP

• NAB recovers Rs11.64 million from private firm through plea bargain.
• NBP had filed an appeal in this regard in 2017.
• NAB, under current chairman, has recovered Rs535 billion so far.

LAHORE: The National Accountability Bureau (NAB) has submitted a cheque worth Rs11.64 million — which it had recovered from a private firm — to the National Bank of Pakistan, according to a statement from the anti-graft watchdog.

The private firm had caused losses worth Rs11.64 million to the NBP, the statement said, adding that the amount was recovered via NAB's plea bargain law.

The statement noted that the firm had caused losses worth millions of rupees to the bank as it had used bogus letters of credit and export bills to get money from the institution.

In 2017, the NBP had filed an appeal against the main suspect Shahnaz Akram, but NAB, after approval from the body's chairman Justice (retd) Javed Iqbal, had approved the plea bargain application turned in by the guilty party.

Director-General NAB Lahore Shahzad Saleem handed over the cheque to the NBP officials, the statement said.

"In the last four years, under chairman Justice (retd) Javed Iqbal, NAB has recovered Rs535 billion and returned the amount to the affected parties," the statement added.