ISLAMABAD: The management of the National Bank of Pakistan has decided to wind up its regional office in Gilgit after revelation of a fraudulent loan scam involving millions of rupees. An order issued by the NBP says that Gilgit has been reverted to the status of ‘sub-region’ under the bank’s federal capital region.The vice-president of regional office, Malik Mohammad Issa Khan, has been appointed recovery officer for the sub-region. The bank had launched an investigation into withdrawal of Rs50 million by a man using the name of the Pak-China Sust Port Company and forging signatures of four members of the company’s board of directors in loan documents. He had also pledged collateral that did not exist. The investigation, sources said, was also to look into alleged audit lapses. According to the sources, loans of Rs880 million were sanctioned in the region on ‘fake or vague’ collaterals. The total amount of loan disbursed by the NBP in the region was around Rs1 billion. Meanwhile, chie...