Can NAB freeze bank accounts?
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Can NAB freeze bank accounts? Well, the short answer is “yes”, because the Nawaz Sharif-led PML-N government has recently announced a new policy to deal with corrupt and looted money. The National Accountability Bureau (NAB) has received orders from the President, President Zardari, to freeze bank accounts of any government or politicians who have been found guilty of misappropriating public wealth. This is a bold move by NAB, which is not only going against the corrupt individuals but is also forcing the
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NAB has the power to freeze bank accounts in Karachi. This power was given to the National Bank of Pakistan in 2009. This power was given after the Karachi Stock Exchange was closed down and the value of the rupee fell. The procedure to freeze a bank account is: 1. Apply for the FREEZE. 2. Submit the original documents or photocopies of the required documents such as I.D, PAN card, bank statement, cheque book, etc. 3. Provide
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“There have been rumours in Karachi that National Bank of Pakistan (NAB) has started ‘sweeping’ through bank accounts of suspects to freeze their accounts. This was allegedly based on a complaint by an unknown agency about some money laundering activity by a businessman, who had a branch in Saddar. click resources The banks were told to freeze the accounts of the individual, and even more money was demanded from banks as part of the bribe. NAB is expected to have ‘Sweep’ a large number of accounts of a
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If the bank account of a person has been frozen, it’s not possible for that account to be freed by NAB. It means that you’ve already lost access to that account. NAB can do whatever they want to you, and you are not allowed to interfere or interdict NAB’s actions. NAB is a legal body. They are a part of the legal system in Pakistan, and they have the power to conduct investigations and froze accounts if they think that you have breached any laws of the country, which include bre
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NAB is not the boss of you. If you have a bank account with a private bank, it’s under NAB’s supervision, and its officers can freeze or free them. web A private bank cannot be compelled to freeze a bank account, unless it is a “stressed” one — an account from which the bank has insufficient funds to pay all claims, and NAB is in the process of selling such accounts. The bank cannot freeze an account if it is a non-banking company or a non-biz account,
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NAB can freeze bank accounts in Karachi with only one formal notice, without waiting for the bank to respond, if there is any pending case against the account holder or a fraud, in which the account is implicated. The only condition is that the bank must not receive any written or verbal protests from the account holder for at least 15 days. The NAB branch concerned, in collaboration with the police, will make the final decision to freeze the account. In case the account holder appeals to the court, the court will have to decide