ISLAMABAD: National Accountability Bureau (NAB), arrested Abdul Waheed Jan being CEO of M/s AWJ Securities Pvt Ltd, accused in Rs 400 Million on charges of corrupt practices and cheating public at large for the purpose of sale and purchase of shares in Stock Exchange.
Securities and Exchange Commission of Pakistan (SECP) referred this matter to Chairman NAB with the allegation that various complaints have been received against M/s AWJ Securities Pvt Ltd that this company has defrauded public at large and misappropriated their hard earned money, said a press release received here.
During inquiry preceding it revealed that the accused persons namely Abdul Waheed Jan CEO of said company received huge amount i.e. more than 300 millions from public at large in the name of investment in securities.
So far complaints of 246 claimants / affectees have been received through PSX with total claim of Rs.412.588 (M).
The analysis of record received from the Central Depository Company (CDC), SECP & PSX with the statements of claimants revealed that AWJ Securities Pvt Ltd used to provide fake statements and involved in un-authorized trading which ultimately deprived clients/ share holders from their hard earned money
They were also involved in taking overdraft limits from different banks by pledging shares of their client and used the finances for their personal use.
The bank record also shows huge number of cash transaction both in deposits and withdrawals which is against the permissible limit.
Sufficient incriminating material is available on record that Abdul Waheed Jan CEO in connivance with his son Hassan Waheed, Director defrauded the innocent people by luring them for huge profit against their investment and involved in criminal breach of trust by issuing fake statements to the clients.
Both accused persons in connivance with each others have committed the offence of cheating public at large and misappropriated their amounts.
