Wednesday, January 26, 2022

NAB files over one billion fraud reference against fake investment firm


ISLAMABAD: The National Accountability Bureau (NAB) has filed reference against All Pakistan Projects in accountability court, ARY News reported on Monday.

NAB Rawalpindi bureau has filed fraud case of 1.08 billion against the entity over cheating public promising lucrative margins of profit over investment.

The company’s owner Adam Amin Chaudhry has been nominated as the main accused in the case. The anti-graft body had arrested Adam Amin in April this year.

The NAB has also nominated Faisal Ayub, Jawadullah, Hassan Pasha and Mohammad Amin as accused in the accountability reference.

The public was plundered by promising unreal margin of profits by the fake company, the NAB said in its reference in the court.

“The accused are responsible for Rs. 1.08 billion fraud from general public,” according to the reference.

“The people were deprived of billions of rupees promising lucrative profit packages,” according to the bureau.

“The company has not been registered for the investment. People should avoid investment in the All Pakistan Projects company,” the NAB cautioned general public.

It is pertinent to mention here that the Securities and Exchange Commission of Pakistan (SECP) had warned the general public against investing in ‘All Pakistan Projects’.

In a statement, the SECP said that in view of various complaints and queries received about the company, it has emerged that the entity is offering lucrative investment packages through its website.

It also informed general public that the company was also not registered with the SECP.


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