LAHORE: An accountability court in Lahore has extended the physical remand of two suspects involved in embezzlement of millions of rupees.
The National Accountability Bureau (NAB) arrested two suspects in two different cases of misappropriation and corruption.
Abdul Qayyum Chishti was running the brokerage house, M/s Stock Master Securities (Pvt) Ltd, for the trade of securities/shares in the stock market.
He allegedly received deposits of millions of rupees from the general public for investment and trading of shares.
“In connivance with others, he either misappropriated the amount received or didn’t invest it or illegally sold the shares without permission and knowledge of the investors.
Thus he has defrauded 623 claimants by embezzling their money with criminal intent,” the NAB said.
In another case, the NAB arrested Riaz Qadeer Butt, director and chief executive of Haq Bahu Sugar Mills, Jhung, in a fraud case of Rs 1,520 million.
The NAB said Riaz Qadeer Butt received the payment for the commodity but with mala fide intention did not supply the sugar stock to the Utility Corporation as per an agreement with the Trade Corporation of Pakistan (TCP). He caused a huge loss to the government exchequer.
