National Accountability Bureau (NAB) Rawalpindi Monday filed reference against Omni Group for extending fraudulent finance facilities of Rs 1.84 billion to its benami companies causing colossal losses to Sindh Bank and Government exchequer.

The reference has been filed against main accused persons including former presidents of Sindh Bank Muhammad Bilal Sheikh, Tariq Ahsan and former president Summit Bank Ltd, Hussain Lawai , AG Majid, CEO Omni group and 16 others, says a a press release,.

M/s Seracom Stock and Capital (Pvt, United. M/s Parkview Stock capital (Pvt), Limited and M/s Rubicon Builders and Developers (Pvt, Limited) provided the finance facilities to benami companies.

Detailed Investigation into the case revealed that a meeting was held among top brass of Sindh Bank and Summit Bank Ltd in the year 2016 wherein a plan was chalked out to obtain fraudulent finance facilities in the names of dummy directors (employees of Omni Group and Muhamrnad Younis Kodwavi) for meeting capital requirements of Summit Bank Limited. Investigation also transpired that the above said fraudulent finance facilities were routed through fake bank accounts and injected in the equity of Summit Bank Limited Investigation also divulged that the accused bank officials in collusion and collaboration with accused AG Majid and Hussain Lawai, misused their respective authorities by deceitfully creating different groups within Omni group and fraudulently extending multiple finance facilities in gross violation of prudential regulations of SBP.

Out of total loan portfolio of Rs. 87.194 billion, Sindh Bank extended finance facilities of Rs 29.280 billion to various companies of Omni Group whereas its equity was Rs 16.067 billion and as per SBP's regulations. it was allowed to extend loans of Rs 4 billion to one group only. It is also pertinent to note that out of said finance facilities of Rs. 29.280 billion, an amount of Rs. 25. 54 billion is still outstanding against the Omni Group, causing losses to the Sindh Bank and Govt Exchequer.

Investigation and forensic analysis of digital devices recovered main accused Muhammad Bilal Sheikh, former President of Sindh Bank Limited revealed that he was running the affairs of bank on the directions and instruction of accused AG Majid. CEO Omni Group and made all efforts out to extend undue benefit to Omni group coupled with facilitating in money laundering. causing loss to the bank as well as Govt Exchequer.

Accused Muhammad Bilal Sheikh and accused Tariq Ahsan, Ex-Presidents, Sindh Bank Ltd and accused Syed Nadeem Altaf, Ex-Head Credit, Sindh Bank were arrested in the case and after completion of physical remand, 02 x accused persons were sent to judicial custody. However, during the course of investigation / interrogation, 01 x accused person became approver who has willingly disclosed incriminating information (corroborated with documentary evidence), against the accused persons

During the course of investigation proceedings, it has also been unearthed that accused Muhammad Bilal Sheikh, former President of Sindh Bank invested huge amounts of Rs. 488 million in Term Deposits in different banks which have also been placed under caution by this Bureau for investigation purpose and to effect recovery of looted money from the accused.

© Pakistan Press International, source Asianet-Pakistan