FAISALABAD: Federal Investigation Agency (FIA) has arrested Ahmed Sial, an owner of MNM company, on committing fraud of Rs 13 billion with people.
FIA Deputy Director Akram Ch said that MNM Company was registered with Security and Exchange Commission of Pakistan (SECP) for motorcycle spare parts business but it was committing fraud with people on account of advance booking of motorcycle on cheapest rates against Rs 25,500.
He said the company had so far collected an amount of Rs 13 billion fraudulently from its 135,000 members. He said five FIRs had been registered against the company with FIA. He said an amount of Rs 1 billion had been transferred in the account of company owner Ahmed Sial and Rs 1.5 billion in the account of company director Iram Shehzadi.
He said three persons of the company – Basharat, Liaqat and Nadeem Bandesha – had already been arrested while those escaped abroad would be arrested through Interpol.
