The National Accountability Bureau (NAB) is preparing to bring to book 60 defaulters of bank loans and recover Rs2 billion.

According to sources, the bureau has prepared a plan to recover the amount which is likely to be approved by NAB’s executive board next week.

“It will be the first action by NAB against powerful loan defaulters since such cases were revived as a result of the scrapping of the National Reconciliation Ordinance (NRO),” the sources said.

They said the bureau had decided to take stern action against those who continued to default.

The 60 defaulters, individuals and firms, had agreed to clear the loans under plea bargain deals made through courts.
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“The defaulters stopped paying their dues after they found that NAB had been crippled and thought that their cases would also be wound up with the end of the bureau,” the sources said.

Under the new plan, the defaulters will be asked to resume payments to avoid action. If they continue to default, their plea bargain deals will stand withdrawn and they will face arrests.

The sources declined to identify the defaulters but said that they included politicians and top industrialists, including the Malik Food Industry, Rauf International Exchange Company and World Autos.

The amount paid so far by the defaulters who would not respond to NAB’s warning will also be confiscated.

They will face fresh references and will have to pay the entire amount fixed in plea bargain deals.

It is believed that the workload of the bureau will increase if fresh references are made against wilful defaulters.

The bureau is pursuing around 700 references, including 248 reopened after the scrapping of the NRO, 300 investigations and 520 inquiries.