Four handed prison terms for defrauding investors of money

Court hands down 10 years “in prison” to four for misappropriating others’ money.


Express July 24, 2011

RAWALPINDI:


Four employees of a private investment company were handed prison terms after they were found guilty of depriving the investors of their money.


The Court-IV Judge Chaudhry Abdul Haq convicted Colonel (retd) Masood Shaukat, Colonel (retd) Jamshed, Sakhawat Hussain Shah and Naeem Afridi, directors of Mega Securities Private Limited, for misappropriating as much as Rs72.6 million from 461 investors.

Shaukat, Jamshed and Shakawat were each handed prison terms of 10 years. Shaukat was also fined Rs20 million, Jamshed Rs13.7million, while Sakhawat was fined Rs1.4million. They will have to serve an additional three years in jail in case they fail to deposit their fines.

Naeem Afridi, who is a proclaimed offender, was given three years sentence in absentia.

The fraud was committed in 2005; the National Accountability Bureau (NAB) filed a reference in 2007.

As many as 41 witnesses were examined during the trial.

Investors of Mega Securities had complained that the directors of the company had misappropriated their money.

Colonel (retd) Jamshed at the start of the reference had agreed to a plea bargain with NAB. He was to pay back the money in three instalments.

In his first instalment, he paid Rs7 million but then defaulted.

After Jamshed defaulted, the Supreme Court of Pakistan took a suo motu notice and Jamshed was made to join the trial proceedings once again.

Published in The Express Tribune, July 24th, 2011.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

E-Publications

Most Read