LAHORE: National Accountability Bureau arrested Director of M/s AWJ Securities private limited Hassan Waheed son of Abdul Waheed accused in Rs260 million fraud and cheating public at large for the purpose of sale and purchase of shares in stock exchange.
According to details, a complaint received from Securities and Exchange Commission of Pakistan (SECP) according to which the director of M/s AWJ Securities private limited was involved in a major public fraud amount including Rs260 million. 120 complainants have filled complaints against the accused.
Reportedly, the accused with fraudulent intentions collected huge amount from public at large for the purpose of sale and purchase of shares in stock exchange with mala fide intentions. NAB presented the accused before the accountability court. The court granted physical remand of the accused for 10 days.
Earlier, Chairman NAB Qamar Zaman Chaudhry has taken cognizance of two cases on a complaint lodged by Chairman SECP regarding MR Securities (SMC-Private) Limited (MRSPL) and AWJ Securities Private Limited.
The two brokerage Houses registered with SECP have been complained against non-transfer/non delivery of securities and non-payments of cash to the investors. It has been alleged that MR Securities (SMC-Private) Limited (MRSPL) and AWJ Securities Private Limited brokerage House’s Directors/Management have cheated investors at large through fraudulent means.
NAB and SECP have created a Joint Task Force comprising of senior level officers of NAB and SECP in order to work expeditiously on corruption cases referred by SECP to NAB.
