NAB gets remand of equity trader

Suspect allegedly took deposits to invest in stock market

APP November 22, 2017
Suspect allegedly took deposits to invest in stock market. PHOTO: EXPRESS/FILE

ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi, on Tuesday arrested a director of a stock trading company on allegation of cheating the public at large.

NAB officials produced Stock Street (Pvt) Ltd Director Naeem Shakir before an accountability court seeking his custody for interrogation. Accepting the plea, the court approved seven day physical remand of Shakir.

The suspect has so far returned Rs134.34 million to 130 claimants, officials of the bureau said. Shakir had amassed the funds by cheating public at large under pretext of sale and purchase of shares in the stock exchange.

The Security Exchange Commission of Pakistan (SECP) had referred this matter to NAB chairman with allegation that various complaints have been received against Stock Street (Pvt) Ltd. According to SECP this company had defrauded the public at large and misappropriated their hard earned money.

During the proceedings, NAB officials told the court that sufficient incriminating material was available on record that 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.

Sahkir, according to NAB, received huge deposits from the public for buying shares which were sold in market without their consent.

Published in The Express Tribune, November 22nd, 2017.


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