ISLAMABAD - An Accountability Court (AC) Wednesday ordered to release former Sindh Bank executive vice-president Nadeem Altaf after becoming an approver in mega money laundering and fake accounts case.

Nadeem Altaf, who also had been head of credit division of Sindh Bank, was accused of granting loans worth Rs1 billion to fake companies of Omni Group.

The accused was produced before the AC-I Judge Muhammad Bashir by National Accountability Bureau (NAB) after meeting his physical remand time.

During outset of the hearing, NAB prosecutor pleaded before the court that NAB chairman had accepted the request of the accused to become an approver in fake accounts case.

He said other codal formalities regarding accused’s application had also been completed.

He prayed the court to issue orders for release of Nadeem Altaf as NAB had placed his name into the list of witnesses.

The accused’s statement under section 164 of NAB Ordinance had also been recorded by the magistrate.

Nadeem Altaf said he would fully help investigation to catch the main accused. He claimed that Bilal Sheikh, the bank’s former president, met with Summit Bank’s head Hussain Lawai on May 2, 2016 and they planned to embezzle funds.

After hearing arguments, the court ordered to release the accused.

Meanwhile, the same court sent Khursheed Anwar Jamali, who was also a nominee in the case, to jail until September 20, on judicial remand after he withdrew his request to enter a plea bargain with NAB.

During the hearing, Jamali, who had been arrested over allegations of financial misappropriation and money laundering in May this year, said he could not pay the amount that was being demanded by the anti-graft watchdog.

The NAB prosecutor said the accused was ready to pay an amount of Rs57 million, however, he was liable to pay more than Rs100 million as plea bargain.