SAU accountant arrested on pension fund embezzlement

A day earlier ACE registered an FIR in Hyderabad after the SAU's registrar sent a letter to the establishment requesting to lodge a case against Shaikh in the light of the syndicate's approval.

The Anti-Corruption Court on Saturday granted his five-day physical remand to the ACE."A total amount of Rs71 million was allegedly transferred through 25 identified bank accounts in the guise of pension payments," reads the FIR.

"The findings disclosed unauthorised beneficiary entries, excess payments [and] discrepancies."Shaikh allegedly received the released funds through the linked accounts including credits to his non-salary account.

The accounts of Junior Accountant Waqas Bhatti's family members were also allegedly linked to the transactions in question.

Bhatti has not been apprehended so far.Director ACE Hyderabad Imran Dawach confirmed the arrest and subsequent physical remand.

According to the official, ACE recorded statements of the university's concerned officials and the varsity's committee which had investigated the alleged scam.

The FIR was lodged on the complaint of ACE's Assistant Director Muhammad Nawaz Panhwar.

SAU accountant arrested on pension fund embezzlement Z Ali | Updated 6 hours ago | .