The National Accountability Bureau (NAB) has arrested the chief executive officer of Natover Lease and Refinance Limited for his alleged involvement in defrauding a number of people of Rs708 million. Nadeem Hamid Sheikh was nabbed in pursuance of a warrant of arrest issued by the chairman NAB.
The company illegally raised deposits from the public against unauthorised instruments/certificates called Repo Security Deposits Receipts to the tune of Rs708 million on the promise of exorbitant returns, said a press release.
For some time, profits were paid to investors on their investments but later the payments were stopped.
The investors were neither being paid later nor was their principal amount being returned, thus a high number of people were defrauded. So far, 200 affected persons have lodged complaints against the company.
The accused will be produced before the accountability court Peshawar today (Thursday).
Published in The Express Tribune, December 4th, 2014.
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