National Accountability Bureau (NAB) Khyber-Pakhtunkhwa on Wednesday arrested Natover Lease & Refinance Limited and Natover International (Pvt) Ltd Chief Executive Officer, Nadeem Hamid Sheikh.
The suspect was allegedly involved in swindling a large number of people of Rs708 million in connivance with others.
M/s Natover Lease & Refinance Limited illegally raised deposits from the public against unauthorised instruments/certificates called RSDRs (Repo Security Deposit Receipts) with the promise of a handsome return.
For some time, profit was paid to the investors, but the money stopped flowing after a while. The investors were neither being paid the profit, nor is the principal amount being returned. So far 200 people have lodged complaints against the company.
Published in The Express Tribune, December 4th, 2014.
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