Brokerage fraud: Victims form body to help recover Rs5b

Owner of MR Securities disappeared several days ago with cash and shares worth millions of rupees


Our Correspondent February 11, 2017
Owner of MR Securities disappeared several days ago with cash and shares worth millions of rupees. PHOTO: REUTERS

MULTAN: The people who have been a victim of fraud committed by MR Securities and other brokerage houses have formed an action committee to help the regulator recover their investments worth more than Rs5 billion and have started gathering information about the victims.

Talking to media on Friday, Committee Convener Zafar Iqbal Siddiqui insisted that the Securities and Exchange Commission of Pakistan (SECP) should use the full force of law against the stockbrokers who have fled with cash and securities of their clients.

The investors reacted following the sudden closure of business in Multan and other cities by Lahore-based stockbroker Mazhar Rafiq, the owner of MR Securities.

The owner of MR Securities disappeared several days ago with cash and shares worth millions of rupees of the investors.

Published in The Express Tribune, February 11th, 2017.

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COMMENTS (1)

Sodomite | 4 years ago | Reply Can someone tell me what "use the full force of law" really means in a society where no law exists??
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