ISLAMABAD   -   The Sub Committee of the Public Accounts Committee (PAC) on Wednesday was informed that Pakistan Institute of Fashion Design (PIFD) has illegally invested Rs.330 million in National Bank of Pakistan.

The meeting headed by senior leader of ruling party Noor Alam Khan, was informed by the Director General of Audit that the amount was given to PIFD for building colleges in all provinces; however, instead of building colleges the amount was illegally invested.

The DG Audit was of view that if PIFD had failed to build colleges on money issues to them then the money was also not supposed to be invested in the NBP.

The PIFD official told the committee that the money was invested to boost the profit of the institute. He said all investments were done as per the rules and no embezzlement was made in the entire process of investments.

Meanwhile, the convener of the committee Noor Alam Khan showed his annoyance over the absence of Chairman Higher Education Commission (HEC) in the meeting and asked the officials of HEC to immediately summon the chairman.

However, on the repeated insistence of Noor Alam Khan the Chairman HEC joined the meeting and tendered his apology for his absence.

Noor Alam Khan said they were there to hold accountable all corrupt people in the country. He said that all judges and generals were regularly appearing before the committee so other bureaucrat should not skip the meeting.