NAB arrests PIDC CEO for alleged corruption

LAHORE: National Accountability Bureau (NAB) Lahore Wednesday arrested Chief Executive Officer Pakistan Industrial Development Corporation (PIDC) and his alleged accomplice on charges of corruption and making a loss of Rs 11.25 million to government exchequer by illegally selling and procuring a piece of land measuring 800 kanals at exorbitant rates in Sargodha. 

The CEO PIDC was identified as Khalid Mehmood Chadda and his alleged accomplice as Zubair. According to a NAB spokesman, the accused Khalid Mahmood Chadda being chairman of both the Committees Monitoring, Audit and Finance, purchased the land in violation of PPRA Rules from co-accused Zubair. Khalid Chadda signed the bids of the above-mentioned favoured person at the rates of Rs 1.325 million/acre by ignoring the lowest bidder of Rs 7 lac/acre.

On the other hand, he said, value of the land was Rs 2 lac/acre according to the valuation table for that time but CEO Khalid Mahmood approved purchase at the rate of Rs 1.325 million/acre and caused a loss of Rs 112.5 million to national exchequer. 

The spokesman further stated that Khalid Mahmood, by misusing his authority and granting undue favour to the vendor, purchased the land which was also under charge of mortgage against loans of different banks. While vendor Zubair was also not the sole owner of the land for which he got approved the bid in connivance with Khalid Mahmood, he added. NAB Lahore has acquired 10-day physical remand of the accused persons for further investigations. 

Separately, NAB Lahore Wednesday also managed to arrest another accused Rana Mohsin for being defaulter of Lesco of around Rs 130 million. According to a NAB spokesman, the Ministry of Water and Power had approached NAB Lahore for action against the defaulter due to which Rana Mohsin was arrested from Lahore. The accused is now in the custody of NAB on physical remand.