PESHAWAR - Former Pesco Chief Executive Pervez Akhtar Shah was arrested by NAB on Saturday for alleged accumulation of assets through corruption.

He was reportedly presented in an accountability court where he was sent on a 12-day physical remand under National Accountability Bureau (NAB) custody.

During the course of inquiry by NAB Khyber Pakhtunkhwa it came out that Shah, who served in Wapda and later as chief executive of Peshawar Electric Supply Company (Pesco), accumulated wealth grossly disproportionate to his known sources of income.

Pervez Akhtar Shah belongs to a humble family of Teri village in District Karak. During his service from 1978 to 2015 in Wapda, he illegally acquired four valuable plots at various locations in Peshawar in his name and the name of ‘benamidars’ (ownership in name of some relative or friend to hide corruption). He reportedly also acquired 10 valuable plots in Islamabad and adjacent areas, and few plots in Wapda Employees Cooperative Housing Society, Nowshera.

The accused purchased two Kanal 18 Marla land in Rahat Abad Peshawar and constructed a palatial double-storey house worth Rs50 million. He also owns 2 x apartments in Islamabad Gardens, Islamabad worth Rs30 million and got various luxurious vehicles worth millions of rupees.

Moreover, he maintained foreign bank accounts in United Kingdom as well as local bank accounts where huge transactions were made. Most of the record related to his properties and bank accounts were recovered during a house search.

Earlier, Shah was arrested by the Federal Investigation Agency on Jan 13 this year, when he was the acting Pesco chief, on charges of receiving bribe for the supply of electricity to Afghan refugee camps in Khyber Pakhtunkhwa at concessional rate. He was later released due to lack of evidence.