LAHORE: The National Accountability Bureau (NAB) Lahore has arrested Khalid Mehmood Chadda, Chief Executive Officer of Pakistan Industrial Development Corporation (PIDC) and his accomplice Muhammad Zubair for incurring Rs 11.25 billion loss to public exchequer by committing corruption in purchase of 800 kanal land in Sargodha.
A NAB spokesman, in a statement here Wednesday, said Khalid Mahmood Chadda, being chairman of both committees of Monitoring, and Audit and Finance, purchased land in violation of PPRA Rules from co-accused
Muhammad Zubair.
He said the accused signed bids of above mentioned favoured person at rates of Rs 1.325 million per acre while ignoring the lowest bidder of Rs 700,000 per acre. On the other hand, he added, actual value of the land was Rs 200,000 per acre according to valuation table for that time.
He said the PIDC CEO allegedly misused his authority and granted undue favour to the vendor in the land purchase which was also under charge of mortgage against loans of different banks. While, the vendor, Muhammad Zubair was also not the sole owner of the land for which he got approved the bid in connivance with Khalid Mahmood.
NAB Lahore, he said, had acquired 10 days’ physical remand of the accused for investigations. (APP)