Fraudulent activities: NAB arrests private company's directors

KARACHI: The National Accountability Bureau (NAB) Karachi arrested two directors of a private company for their alleged involvement in fraudulent activities, on Tuesday. The accused were identified as Farooq Ismail, son of Ismail Abdul Shakoor and his brother, Abdul Shabbir Ismail. Both the brothers are directors of the Ismail Abdul Shakoor Securities Private Limited. They were arrested from Karachi after their arrest warrants were issued by the NAB director general, said the spokesperson. The accused allegedly pledged shares of approximately 90 investors and claimants to banks for availing financing facilities, with no authorisation. The two brothers caused a loss of Rs348 million to the public, as they did not return the shares or the amounts to the investors and claimants, the spokesperson added.

Published in The Express Tribune, September 30^th, 2015.