Shehbaz Sharif, younger brother of three-time premier Nawaz Sharif and three-time chief minister of the most populous province Punjab, was taken away by the National Accountability Bureau (NAB) in the northeastern city of Lahore.
Ms Aurangzeb, who served as information minister in the previous PML-N government, said the party believed that Shahbaz Sharif had been arrested as part of the ongoing policy of the Pakistan Tehreek-i-Insaf to victimise its political opponents.
He claimed that Shahbaz has been arrested to influence October 14 by-polls.
Sharif was sent for a 10 day remand by the anti-corruption court in Pakistan.
"The NAB Lahore has arrested former Chief Minister of Punjab Shehbaz Sharif in Aashyana company case".
The opposition members also urged the speaker to issue production order for Shahbaz Sharif under rules to enable him to attend the assembly session.
Scores of party leaders, meanwhile, had earlier gathered outside the Accountability Court in Lahore, chanting slogans in favour of Shehbaz.
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Nawaz Sharif was ousted from his post past year by the Supreme Court after Panama Papers leaks revealed he and his family owned several apartments in London.
He has been accused of corruption in Rs 14 billion Ashiana Housing Scheme case.
In reply to a question about the meeting with Nawaz Sharif, he said: "Nawaz Sharif is presiding over a meeting of PML-N's Central Executive Committee on Monday (today) in Model Town to finalize a strategy".
She said her party is being victimized in the name of accountability.
In November 2017, NAB had launched a thorough probe into the affairs of the 56 public-sector companies formed by Shahbaz administration in Punjab for their alleged involvement in corruption.
Pakistan Peoples Party leader Khursheed Shah condemned the arrest, calling it an insult to Parliament.
In July, Sharif, his daughter Maryam Nawaz and Capt (retd) Muhammad Safdar were sentenced to 11 years, eight years and one year, respectively, in prison in the Avenfield properties case related to the purchase of four luxury flats in London through corrupt practices. Mr. Nawaz was released from prison last month, pending an appeal against his conviction.