Islamabad: The Federal Investigation Agency (FIA) have arrested a senior female officer of the National Bank of Pakistan (NBP) on charges of irregularly withdrawing at least Rs 1.5 billions from bank accounts.

According to an FIA official, an assistant vice president of the NBP along with four officers of another organisation have been arrested after their alleged involvement of irregularly withdrawing at least Rs 1.5 billions from bank accounts.

The fraud has been committed in connivance with officials of the APO – an entity that Pakistan had created after the 1971 Debacle to manage assets of former citizens from East Pakistan. Now, the government of Pakistan through a board of trustees manages these assets. An additional secretary of the cabinet division is the chairman of the board of trustees.

The female officer is accused of prematurely withdrawing funds which had been invested in the government securities by the APO through the NBP. Under the law, the APO can only invest in the government approved securities.