NAB arrests accused in Rs134.34 million scam of cheating public

ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi, on Tuesday arrested an accused in Rs134.34 million scam of cheating the public at large under the pretext of sale and purchase of shares in stock exchange.
The Security Exchange Commission of Pakistan (SECP) referred this matter to the NAB chairman with allegation that various complaints have been received against M/s Stock Street (Pvt) Ltd that this company has defrauded the public at large and misappropriated their hardearned money.
The accused was produced before the Accountability Court for seeking physical remand and the court granted seven days physical remand. During the proceedings in NAB, it was revealed the accused namely Naeem Shakir being Director of M/s Stock Street (Pvt) Ltd received more than Rs134.34 million from the public at large in the name of investment in securities. So far complaints of 130 claimants/affectees have been received with total claim of Rs134.34 million.
Sufficient incriminating material is available on record that Naeem Shakir, being Director in connivance with his other partners, defrauded the innocent people by luring them to huge profit against their investment and involved in criminal breach of their trust.
The accused received huge deposits from the public at large for buying shares which were sold in market without consent of affectees. The accused persons in connivance with others have committed the offense of cheating the public at large and misappropriated their amounts.