NAB detects embezzlement in pension fund-1

NAB detects Rs.2 billion embezzlement in Pension Fund

Corruption

NAB detects embezzlement in pension fund-1Inquiry against accused Mushtaq Ahmed Shaikh, Ex-Additional District Accounts Officer (ADAO), Nazeer Bhutto, ADAO Hyderabad and other officials is under process

Karachi: The National Accountability Bureau (NAB) Karachi has confirmed detecting embezzlement of approximately Rs.2 billion in Pension Funds by Additional District Accounts Officers and other officials in Hyderabad.

“An inquiry against accused Mushtaq Ahmed Shaikh, Ex-Additional District Accounts Officer (ADAO) Hyderabad, Nazeer Bhutto, ADAO Hyderabad and other officials is under process at National Accountability Bureau (NAB) Karachi on the allegations of opening of fake accounts and embezzlement of pension funds,” says an official handout issued by NAB on Friday.

“The inquiry revealed that accused Nazeer Bhutto ADAO Hyderabad, in connivance and collusion with other officials, private persons and bank officials opened and operated 150 plus fake bank accounts and deposited embezzled amount of fake pension and commutation bills. The accused persons withdrew the alleged amount in cash from banks and distributed among them,” handout said.

According to handout, the Combined Inquiry Team (CIT) is in the process of collecting the incriminating evidence and so far unearthed Rs.2 Billion (approximately) embezzled amount. The process of evidence collection and unearthing further embezzled pension funds is under way.

The NAB clarified that the news appearing in electronic and print media as to embezzlement of Rs.10 billion or 14 billion or 231 billion in this case is exaggerated, incorrect and has no concern whatsoever with the facts of the case.  “The media is requested to avoid speculations and seek confirmation from NAB before airing/publishing any news related to ongoing inquiries and investigations,” handout concludes. (PR)

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