ISLAMABAD – The NAB here on Friday approved a number of cases of plea bargain including the one pertaining to recovery of over Rs8 billion from Sheikh Afzal in Haris Steel Mills case.

Sheikh Afzal was accused of embezzling Rs 8.404 billion from of the Bank of Punjab through credit facilities in the name of fake persons against fake collaterals as well as fictitious guarantees and mortgage deeds.

National Accountability Bureau (NAB) Chairman Admiral (r) Fasih Bokhari on Friday presided over a meeting of the Executive Board, which also approved voluntary return (VR) of Rs1.6 billion from Abdul Hafeez Sheikh, said a handout issued here.

Sheikh as BNP Limited chief executive officer (CEO) had allegedly obtained loan as well as financial facilities from Bank of Punjab against fraudulent documents for construction of a five-star hotel. NAB is also investigating involvement of some Capital development Authority (CDA) officials in the 13.5-acre hotel project.

In a case of wilful loan default, the meeting gave approval to plea bargain of Rs45.690 million from Mian Muhammad Ejaz, CEO/Director of Rehman Woolen Industries (Pvt) Ltd and five directors and a former manager of ABL Gadoon Amazai Branch.

The accused included Mian Muhammad Nawaz (director), Mian Muhammad Mushtaq (director), Haji Abdul Razzaq (director), Haji Muhammad Ishaque (director), Fayyaz Muhammad (director), Muhammad Ilyas (ABL ex-Manager).

 The board also decided to close a case due to lack of incrementing evidences against the accused Younus Khan Marwat, Ex-CEO of Development Bank of Afghanistan (DBA). The accused was alleged for misappropriation of funds of the DBA.