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Man accused of ripping Rs. 23mn off citizens sent on remand

ISLAMABAD: An accountability court in Islamabad on Monday granted remand of one Shamshad Ali to National Accountability Bureau in a fraud case, ARY News reported.

Ali is accused of depriving citizens of a staggering Rs. 23 million in the name of a financing scheme, which was in fact, a scam.

The accused was arrested by NAB from Karachi and was presented before the accountability court, presided over by Judge Mohammad Bashir.

The NAB officials told the court that the accused ripped off millions from citizens in the name of a fake investment company Askari Group of Investment.

The court was informed that a sum of Rs. 23 million was collected from several citizens, promising them cars and houses.

Read More: And now.. a retired soldier falls prey to bank fraud

Neither the promised returns nor the principal amount was provided back to the investors, NAB officials told.

The accused told the court that he was being wrongly accused of fraud, whereas he himself had to receive his dues from other people in the market.

The court directed the NAB investigation officers to call at least 15 of the affected people to gather more details.

Later, the court granted a remand of the accused for 14 days and directed the NAB to produce him before the court again on April 8th.



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