FIA yet to return money of 169 victims
Despite several court orders, FIA yet to take fresh action against the company’s chief executive.
LAHORE:
The Federal Investigation Agency (FIA) has returned the money of just 75 people out of 244 directly affected by the closure of the defunct Zarco Exchange company, a group of depositors who are yet to receive their stuck up funds told The Express Tribune.
Accusing FIA officials of discrimination, they said that despite strict court orders, they had accommodated only those who wield political or other clout, adding that there were still 169 victims who had not yet received any money even after a lapse of 16 months.
Some of them even said that despite various court orders, the FIA refused to allow filing of new applications against the chief executive of the defunct foreign exchange company, who was allegedly involved in transferring Rs67.89 billion abroad illegally.
Interestingly, the FIA director-general had given an undertaking in the court that the entire amount misappropriated and owed by the management of the company to the franchises/payments booths and individuals had been recovered from the accused and all of it would be returned to the victims.
According to data available with The Express Tribune, as many as 119 franchisees/payment outlets had submitted claims, involving as much as Rs150 million. As many as 125 individuals had also deposited their claims for Rs97.5 million.
The defunct company also defrauded $5.4 million of another foreign exchange company which has outlets worldwide.
Various victims approached the courts and succeeded in securing orders for legal action against Syed Lakhat-i-Hasnain, the chief executive of the defunct company, but the FIA refused to do so. It did not sanction even an inquiry against Syed Lakhat-i-Hasnain.
When one of Zarco’s victims Muhammad Maqsood, a former bank manager, filed complaint for the recovery of Rs4.7 million, the Human Right Cell for Registrar of Lahore High Court ordered the authorities to ensure compliance. He has not yet received any money.
Another victim, Salahuddin, a payment booth holder, submitted a petition before a sessions court for the registration of an FIR against the company’s chief and requested it for the recovery of Rs5.79 million. The court directed the FIA to look into the matter in the light of superior courts’ decisions.
FIA is yet to take action on orders issued by an additional district and sessions judge to redress the complaints of Aasia Naveed and Muhammad Haroon Idrees, who got court orders urging the FIA to comply.
Ironically, even after over a year, the FIA has managed to disburse just Rs47.5 million among 75 victims while an amount of Rs200 million of 50 individuals and 119 franchises and payment booths of the company still remain untraced.
FIA officials were unwilling to speak on the issue when they were approached for comments, but one of them said on condition of anonymity that they had referred all Zarco victims’ applications, including court orders, to the FIA headquarters but they had not yet received any orders in this regard.
Published in The Express Tribune, February 11th, 2011.
The Federal Investigation Agency (FIA) has returned the money of just 75 people out of 244 directly affected by the closure of the defunct Zarco Exchange company, a group of depositors who are yet to receive their stuck up funds told The Express Tribune.
Accusing FIA officials of discrimination, they said that despite strict court orders, they had accommodated only those who wield political or other clout, adding that there were still 169 victims who had not yet received any money even after a lapse of 16 months.
Some of them even said that despite various court orders, the FIA refused to allow filing of new applications against the chief executive of the defunct foreign exchange company, who was allegedly involved in transferring Rs67.89 billion abroad illegally.
Interestingly, the FIA director-general had given an undertaking in the court that the entire amount misappropriated and owed by the management of the company to the franchises/payments booths and individuals had been recovered from the accused and all of it would be returned to the victims.
According to data available with The Express Tribune, as many as 119 franchisees/payment outlets had submitted claims, involving as much as Rs150 million. As many as 125 individuals had also deposited their claims for Rs97.5 million.
The defunct company also defrauded $5.4 million of another foreign exchange company which has outlets worldwide.
Various victims approached the courts and succeeded in securing orders for legal action against Syed Lakhat-i-Hasnain, the chief executive of the defunct company, but the FIA refused to do so. It did not sanction even an inquiry against Syed Lakhat-i-Hasnain.
When one of Zarco’s victims Muhammad Maqsood, a former bank manager, filed complaint for the recovery of Rs4.7 million, the Human Right Cell for Registrar of Lahore High Court ordered the authorities to ensure compliance. He has not yet received any money.
Another victim, Salahuddin, a payment booth holder, submitted a petition before a sessions court for the registration of an FIR against the company’s chief and requested it for the recovery of Rs5.79 million. The court directed the FIA to look into the matter in the light of superior courts’ decisions.
FIA is yet to take action on orders issued by an additional district and sessions judge to redress the complaints of Aasia Naveed and Muhammad Haroon Idrees, who got court orders urging the FIA to comply.
Ironically, even after over a year, the FIA has managed to disburse just Rs47.5 million among 75 victims while an amount of Rs200 million of 50 individuals and 119 franchises and payment booths of the company still remain untraced.
FIA officials were unwilling to speak on the issue when they were approached for comments, but one of them said on condition of anonymity that they had referred all Zarco victims’ applications, including court orders, to the FIA headquarters but they had not yet received any orders in this regard.
Published in The Express Tribune, February 11th, 2011.