Two car showroom owners held for fraud

LAHORE:National Accountability Bureau Lahore on Monday arrested two owners of a car showroom, Javed Muzaffar Butt and Malik Usman Riaz, accused of receiving investments, illegally from the general public on the promise of paying hefty profits over the invested amounts.

As per the claims received by NAB Lahore, both arrested accused in alleged connivance launched vehicles’ showroom business in 2006 and started to book new vehicles for delivery, whereas, since 2015 the accused got collected more than Rs3 billion from the general public to the tune of paying them huge profits over the investments. Around 700 affectees, including numerous Overseas Pakistanis have, so far, approached NAB Lahore for recovery of their looted money in scam. Furthermore, the accused persons initially started their business in Gujranwala and with the passage of time the same was expanded to Gujrat, Sialkot, Faisalabad and other adjoining areas which, ultimately, spread into provincial capacity.