In Gujranwala, Sheikh Mahmood Iqbal, the owner of Master Tiles and Ceramic Industries Limited, has been apprehended by the local police. This action comes in the wake of bank cheques, amounting to Rs123 million, issued by his company to settle outstanding electricity bills, bouncing due to insufficient funds.
Muhammad Hussain, an officer at Gujranwala Electric Power Company (Gepco), lodged a complaint against Sheikh Iqbal, prompting the authorities to take action. The ceramics firm reportedly owed approximately Rs428 million.
Billionaire owner of Master Tiles Sheikh Mahmood Iqbal arrested after issuing bounced cheques. According to the FIR Sheikh Iqbal owes GEPCO 12 crores in electric bills. No elites being spared. pic.twitter.com/lh8OfZZ5DE
— Hamza Azhar Salam (@HamzaAzhrSalam) October 2, 2023
In an attempt to address the outstanding payments, the ceramics company provided Gepco with multiple cheques from the National Bank of Pakistan. However, when these cheques were presented for deposit in Gepco’s official bank account this April, all of them bounced due to insufficient funds in Master Tiles’ account.
Following the complaint from the Gepco officer, the police have filed a case against Sheikh Iqbal and detained him at the Kamoke City Police Station.
