NAB arrests 23 State Life men for embezzlement

LAHORE: The National Accountability Bureau, Lahore, on Saturday arrested 23 employees (Grade-18 and above) of the State Life Insurance Corporation on charges of embezzlement of Rs106 million.

According to NAB Lahore, the suspects were involved in encashing bogus insurance policies and they caused a loss of Rs106m to the exchequer. “The suspects in connivance with each other prepared fake documents and managed to withdraw cash (Rs106m) from 113 bank accounts through 436 cheques,” it said.

The NAB Lahore spokesman said the bureau had initiated investigation on the complaint of the State Life zonal office Lahore.

“During the course of inquiry, complete opportunity was provided to the suspects. They were confronted with incriminating evidence against them. Those who denied their signatures, forensic test/analysis was arranged for them,” he said, adding that all arrested suspects were Grade-18 and above officers.

They will be presented before an accountability court tomorrow (Monday) to obtain their physical remand.

Source: Dawn