The NAB Lahore Director General handed over a cheque amounting to Rs 64.6 million to an official from Pakistan Reinsurance Company Limited (PRCL). The amount was recovered from accused CEO Zahood Ahmed and Management of M/s Pakistan General Insurance Company Limited (PGI)
The Securities and Exchange Commission of Pakistan (SECP) had lodged a complaint with the NAB in May 2017 alleging that the Pakistan General Insurance Company Limited caused a loss of Rs Rs 57.156 million to Pakistan Reinsurance Company Limited (PRCL) by submitting bogus reinsurance claims to PRCL.
The NAB has recovered all the misappropriated money worth Rs 86.219 million through plea bargain.