Court seeks replies in fake investment firms’ case till 26th

NAB files plea seeking orders to freeze nine bank accounts of foreign companies

KARACHI:

An accountability court in Karachi has accepted the National Accountability Bureau’s (NAB) petition against those foreign companies which have opened bank accounts to defraud citizens of their hard-earned money by offering them an attractive rate of return.

The NAB plea seeks the court’s orders for freezing the bank accounts of foreign companies.

NAB stated that more than Rs1.12 billion was collected in nine bank accounts of the said companies. “Now, there is more than Rs94.4 million in these accounts. Nine accounts opened in different banks of companies should be consolidated.”

NAB said in the plea that an inquiry had been initiated on the Securities and Exchange Commission of Pakistan’s (SECP) complaint against foreign companies.
The investigation officer requested that the accused (foreign companies) be given time to respond.

The court adjourned the hearing till September 26, giving time to submit the reply.

The SECP had complained that foreign companies were defrauding citizens by offering them an attractive rate of return.

According to NAB, the accused asked the citizens to register with their companies.

Citizens were asked to deposit money into companies' accounts or on cash counters, after which, companies provided IDs to the citizens for login. After depositing the money, the citizens were given virtual points by the companies.

Points were added or subtracted based on the investment amount. Citizens were given monthly profits, which were displayed on their profiles.

However, the websites were shut down just before the inquiry began.

The companies used to tempt people to make extra profits by bringing in customers through social media.

A public notice was also published in this regard so that the victims could contact NAB.