NAB Rawalpindi has arrested an accused Javed Iqbal Abbasi involved in corruption and corrupt practices through embezzlement in government funds. The accused was a government contractor with Ministry of Defense Production, who with malafide intention manipulated the court decision in application/calculation of interest rate and illegally received Rs 80 million instead of the actual amount which was approximately Rs 6.33 million hence committed a fraud of Rs 73.6 million.
The accused was awarded a contract for the construction of 48 apartments which he completed and an amount of Rs 6.33 million was outstanding on Ministry of Defense Production. The accused after several years made the concerned authorities calculate interest rate on the period involved and enhanced the balance amount from Rs 6.33 million to Rs 80 million without any plausible justification.
After issuance of arrest warrants form Chairman NAB, accused Javed Iqbal Abbasi has been arrested and his name has been placed on Exit Control List. He will be produced before the Accountability Court Islamabad on Wednesday for obtaining his physical remand for further interrogation.-PR
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