LAHORE - NAB Punjab has arrested accused Muhammad Khalid, ex-associate director of M/s US Credit Securities, Gujranwala, who was declared proclaimed offender by the accountability court in 2004, said a spokesman of NAB here on Friday. He said the said company along with M/s Still Rich Financial Services (Pvt) Ltd having branches in Lahore and Sialkot had induced 1,535 investors to invest in foreign currency with exorbitant profit of four per cent to five per cent. Later on the management cheated the members of public at large by misappropriating 13.2 million dollars and disappeared. The accused Muhammad Khalid in his capacity as an associate director had illegally collected 86,900 dollars from 22 depositors before absconding. Reference against 10 accused directors and associate directors of M/S Still Rich and US Credit Securities, including Muhammad Khalid was filed in the accountability court in 2004. Accused Muhammad Khalid had signed false agreements with investors showing M/s Still Rich and M/s US Credits Securities as registered companies with SECP to mislead and cheat the public. The spokesman claimed that NAB had earlier arrested another key accused Chand Pervez, elder brother of Muhammad Khalid, Chief Executive of M/s Still Rich Financial Services (Pvt) Ltd in 2007. To date NAB has recovered Rs 53.6 million from an ex-director of Still Rich Financial Services (Pvt) Ltd which was distributed amongst 1,388 depositors in December, 2007. The accused Muhammad Khalid was produced before the accountability court on Friday which granted his physical remand till January 2, 2009.