Sheikh Mahmood Iqbal, the director of Master Tiles Gujranwala, has been arrested following allegations of bouncing checks issued by the company.
According to the first information reports (FIR) obtained by Meida Bites, the arrest comes after Master Tiles was sued by Gujranwala Electric Power Company (GEPCO) for an outstanding amount of 12.36 crores.
The arrest of Sheikh Mahmood Iqbal, a prominent figure in the business community of Gujranwala, has sent shockwaves throughout the local industry. Master Tiles, a well-known manufacturer of ceramic tiles, has been facing financial scrutiny in recent months, with mounting debts and legal troubles.
GAPCO, a supplier and creditor of Master Tiles, filed a lawsuit against the company after several checks issued by Master Tiles bounced. The checks, totaling a significant sum of 12.36 crores, were meant to clear the company’s outstanding dues to GAPCO. However, when the checks were presented for payment, they were reportedly dishonored due to insufficient funds in Master Tiles’ account.
The arrest of Sheikh Mahmood Iqbal is seen as a drastic step taken by the authorities to hold individuals accountable for financial irregularities in business operations.
Local authorities have not yet disclosed further details regarding the charges against Sheikh Mahmood Iqbal. However, it is expected that he will face legal proceedings in the coming days, which could shed more light on the circumstances surrounding Master Tiles’ financial troubles.