LAHORE - Yet another fraud of Rs 331 million committed by Haris Steel Industries has been detected but this time the victim is the NIB Bank, sources privy to the development disclosed on Thursday. Sources further revealed that NIB Bank had formally lodged the complaint in this regard with the National Accountability Bureau (NAB), stating that the accused Sheikh Afzal and others had been sanctioned huge loans on fake documents and bogus collaterals. The accused Sheikh Afzal and their accomplices received Rs 331 million fraudulently in the name of Haris Steel Industries from the NIB Bank in 2004-05. The sources further claimed that the accused had committed the fraud in connivance with the then top management of the NIB Bank, which no longer served in the bank rather they were working in other financial institutions. In-house investigations carried out by the NIB Bank, have revealed that the accused deceived the bank on the pattern they followed in case of Bank of Punjab from where the accused got Rs 8.6 billion loan on bogus documents and fake collaterals. They had submitted fake NICs, bogus company documents and fake collateral of useless land having no market value and got loans worth over Rs 331 million from the NIB Bank in the name of Haris Steel Industries. "According to the Bank record, the loans were sanctioned to the Haris Steel Industries on fake documents and bogus collaterals," sources in the NIB Bank disclosed. The NIB Bank officials detected the forged documents and collaterals submitted by the Haris steel following failure of the accused to pay back the liabilities. "The possibility of involvement of the bank staff in the loans, fraudulently sanctioned to Sheikh Afzal and others cannot be ruled out," a high-ranking official requesting anonymity said. "We have forwarded a complaint to the NAB, requesting immediate investigations into the fraud and for the recovery of the amount sanctioned on fake documents, collaterals in the name of so-called Haris Steel Industries," a bank official said. The sources said that the NIB Bank which has more than 250 branches in Pakistan is owned by an investment company of Singapore. The massive fraud with this bank came as a big setback as the financial institutions are already facing the side effects of worldwide economic crisis. The fraud was first unearthed when the company had defaulted on its payments. The Bank authorities opened the case and started checking the documents and collaterals, following the Haris Steel Industries defaulted to pay back the liabilities. On examining the case minutely, the Bank officials were shocked to find that the loans worth over Rs 331 million were sanctioned on bogus documents and collaterals. The NIB Bank officials approached the NAB and submitted an official complaint against the Haris Steel Industries, sources added. According to the NIB Bank officials, it was undeniable fact that the Mafia with the aide, abetment and assistance of each other committed forgery for obtaining huge benefits through illegal means and intentionally, fraudulently and dishonestly caused huge financial lose to the financial institution - the NIB Bank. An official of the NAB when contacted confirmed the development and said that they have received the official complaint of the NIB Bank against the Haris Steel Industries. "The NAB has received the complaint about the fraud committed with NIB Bank by the Haris Steel Industry. The authorities are in the process of verification of the complaint to begin the investigations," he added. It is pertinent to mention that the NAB is already dealing with Haris Steel Mills owners for the fraud they have committed in Bank of Punjab.