NAB arrests Rs134.34m scam accused

ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi, on Tuesday arrested an accused in Rs134.34 million scam of cheating public at large under pretext of sale and purchase of shares in stock exchange.
As per detail, 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 public at large and misappropriated their hard earned money. The accused was produced before Accountability Court for seeking physical remand and court granted seven days physical remand. During proceedings in NAB, it was revealed that the accused namely Naeem Shakir being Director of M/s Stock Street (Pvt) Ltd received more than Rs 134.34 millions from public at large in 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 for huge profit against their investment and involved in criminal breach of their trust.
The accused received huge deposits from public at large for buying shares which were sold in market without consent of affectees.