LAHORE: A Rs 680 million scam has been unearthed in which Allied Bank Limited (ABL) managers are said to have opened fake accounts, UBL Bank manger issued four fake guarantees, other accused persons formed a fake company, Ajwad Builders, struck a fake Joint Venture (JV) with Mehsood Engineers and Developers and attained contract from the Danish School Authority, Daily the Business has learnt.
In an Inquiry it has been found that initially nine accused persons were found involved in the scam of which Gazala Amjad, Evda Chughtai and Adnan Farooq formed a fake company, struck a fake JV with Mehsood Engineers and Developers, got a contact worth Rs 680 million from Danish School Authority, managed opening of a fake account in ABL, Jinnah, Airline Society Branch, Lahore and depositing fake bank guarantees to Danish School Authority and embezzling funds of Punjab government while accused Muhammad Arshad Nadeem Bhatti and Abid Sohail manipulated Danish School Authority’s contact for commission and Saifullah Zamri managed fake bank guarantees and managed fake JV for attaining money illegally.
On the other hand, the then ABL Bank Manager, Sana Zeb and Tajamal Adnan were found involved in opening fake JV account while UBL manager Amir Anwar in issuing the fake Bank Guarantees and verified them.
As per the inquiry conducted by the FIA Lahore Directorate accused Gazala, Evda Chughtai, daughter of Amjad Farooq and Adnan Farooq son of Akbar Ali, the residents of Nas-e-Mun Iqbal, phase II, Lahore have struck a fake JV with Mehsood Engineers and Construction in 2017 for getting two contracts of construction worth Rs 679.28 million from Danish School Authority to build Danish School in Bakhar.
The report said that the accused person in connivance with the ABL former branch manager, Sana Zeb and former ABL branch operation manager Tajaml Adnan opened an account in the JV title of Mehsood Engineers and Construction and Ajwad Builders in Allied Bank Khyaban-e-Jinnah AirLine Society Branch, Lahore.
The report said that the account was operated by Ghzala Amjad and Evda Chughtai while the forensic report disclosed that the signatures of the owner of Mehsood Engineers and Construction Azizur Rehman on the account opening form were fake.
The report further disclosed that accused Ghzala Amjad and Evda Chughtai also managed four fake bank guarantees of over Rs 130 million from UBL Bank, Riwind Road and deposited to the Danish School Authority against which the authority issued two cheques worth Rs 101 million to the fake JV. The report said that subsequently the authority issued more cheques worth Rs 36 million to the JV on account of running bills which were credited to the fake JV account.
The report stated that the Punjab government had paid over Rs 137 million to the fake JV. However, the sluggish pace of operation of the JV on the project prompted the authority to verify the bank guarantees that proved fake. Resultantly, the authority revoked the contracts with the fake JV, the report added.
On the complaints of the Danish School Authority, the FIA has lodged FIR arresting six including three bankers of ABL and UBL while the court has given two days remand of the arrested accused for further investigation.