ISLAMABAD, Dec 28: After five years of investigation into famous Harris Steel Mills/Bank of Punjab (BoP) case, the National Accountability Bureau (NAB) decided on Friday to accept Rs8.404 billion plea bargain offered by the accused.

“The plea bargain was offered by Sheikh Afzal, accused of embezzling Rs8.404bn through credit facilities in the name of fictitious people against fake collaterals/guarantees and mortgage deeds,” NAB spokesman Zafar Iqbal said.

He said the plea bargain had been approved at a meeting of NAB’s executive board, presided over by its chairman Admiral (retd) Fasih Bokhari.

Afzal had committed a number of offences of serious nature in connivance with the employees of the bank and by using names of persons with fictitious identities and addresses, he said Hamesh Khan, who headed the bank at that time, was arrested from the US in December 2009 and is in a local jail. He is said to be a close friend of Gen (retd) Pervez Musharraf.

In another case, the NAB meeting approved voluntary return of Rs1.6bn by A.H. Sheikh, chief executive officer of the BNP Limited.

Sheikh was accused of having obtained loan/financial facilities from the BoP against fraudulent documents for construction of a five-star hotel on 13.5 acres of land in Islamabad, the spokesman said. Some officials of the Capital Development Authority were also accused of being involved in the scam and an investigation against them was under way,” he added.

In a case of wilful loan default, NAB accepted a plea bargain of Rs45.6 million offered by Mian Muhammad Ejaz, CEO/Director of Rehman Woollen Industries and five directors of Allied Bank Limited and a former manager of its Gadoon Amazai branch. Officials of the bank include Mian Muhammad Nawaz, Mian Muhammad Mushtaq, Haji Abdul Razzaq, Haji Muhammad Ishaque and Fayyaz Muhammad (directors) and Muhammad Ilyas (former manager).The NAB board decided to close yet another case due to what it called ‘lack of incrementing evidences’ against Younus Khan Marwat, former CEO of Development Bank of Afghanistan. He was accused of misappropriating funds of the bank.