ISLAMABAD - A constitutional petition has been filed in the apex court on Friday to recover embezzled amount of more than Rs 2 billion misused from Welfare Fund for National Bank of Pakistan (NBP) staff from 2009 to February 2011. Syed Jahangir, Secretary General NBP Trade Union Foundation, filed the petition through Advocate Hashmat Habib under Article 184(3) of the Constitution. The petitioner prayed for taking up the matter of embezzlement and directing the FIA for taking stern action against the culprits, besides recovery of looted money. The petitioner made the Federation of Pakistan through Secretary Ministry of Finance, Director General Federal Investigating Agency, Director FIA, Sindh, Saifullah Jokhio, Assistant Director, FIA, Karachi and Investigation Officer and Inspector Saeed Ahmed Memon as respondents. The petitioner added that during 1988 Chairman Pakistan Banking Council Tajmal Hussain signed Welfare Fund for Bank Staff. In the petition questions were raised whether billions of rupees funds of proposed Trust under the name welfare funds for banks staff could be used without formation of Board of Trustees and rules made by the competent authority. Whether funds of a Trust specifically envisaged by the finance minister on behalf of government of Pakistan could be misappropriated under the garb of achievement award by the high-ups of bank for their own benefits, the petitioner asserted. He stated whether the funds collected from the gross profit of national commercial banks could be disbursed in the name of scheme of achievement and performance award, adding it was crystal clear that as per Banks Nationalization Acts, Board of Directors of NBP was not competent to approve bonuses and perquisites of President or any other executives without the prior approval from share holders of bank in Annual General Meeting. He stated that even after the completion of enquiry and permission granted for registration of case and findings regarding the embezzlement of over Rs2 billion, the so-called achievement awards were given from February 2011 till March 05, 2011. As per list of beneficiaries of awards an amount of Rs 68,500,000 on account of achievement award and Rs 7,188,268 on account of bonus was paid to 10 senior executives, vice president inclusive of President, he added. He mentioned that the apex court has already declared the appointment of Syed Ali Raza as President NBP unconstitutional but he was appointed as Chairman of Board although as President he was perfuming the function of Chairman. Ali Raza was paid Rs 3,756,800 as cash award on March 28, 2011 after the judgment of the Supreme Court, he stated. The petitioner stated that as per findings of FIA, it was revealed that so-called scheme of welfare fund for banks staff was frustrated and could not be further contributed as banks have stopped contributing in the fund and MCB was only contributing nominal amount. In view of ground realities the huge amount drawn at the rate of 5 percent of gross profit from the nationalized commercial bank was a trust of shareholders which was collected by culprit and used for their own benefit and thus committed a crime, he added. The petitioner pleaded the apex court to take up the matter and directed the FIA to take stern action against the culprits in accordance with law, besides recovery of looted money.