The National Accountability Bureau (NAB) has arrested chief executive officer of Magrib Development Corporation and Crescent Standard Investment for misuse of authority, illicit personal gains and criminal breach of trust.
According to a press release, former Chief Executive Officer M/s Crescent Standard Investment (CSIBL) Mehmood Ahmed and former CEO Magrib Development Corporation Ltd (MDCL), a subsidiary of CSIBL, Asif Mehmood have been accused of a scam worth Rs 66.50 million.
The accused Mehmood Ahmed in the capacity of CEO CSIBL extended Musharka facility of Rs 1.540 billion to its associated concern MDCL without due care and caution and also without taking required approval of the Board of Directors of CSIBL.
They thus involved the bank in carrying out the business of real estate and housing finance in violation of the companies ordinance. Furthermore, the accused persons received sale proceeds of Rs 45 million from sale of property which was in reality purchased with the funds of the bank.
Similarly, Asif Mehmood as CEO MDCL invested funds of CSIBL for purchase of properties without exercising due care and caution. The accused person Asif Mehmood also received sale proceeds of Rs 21.50 million from the sale of the property bought with the funds of the Bank.
The accused persons were produced in the Accountability Court where the Court remanded them into physical custody of NAB till September 24.
 has arrested the chief executive officer of Magrib Development Corporation and Crescent Standard Investment for misuse of authority, illicit personal gains and criminal breach of trust.){kind=link}