Karachi: National Accountability Bureau (NAB) has arrested Fasahat Lodhi, Director Investment and Marketing of a so called firm and a proclaimed offender (PO) of Accountability Court, in a reference (No.34/2007) against Kahif Bashir and others, says a press release issued today.

A FOREX trading business under the name of M/s Pantacon Financial Service was established in 2002 in Karachi at Shahra-e-Faisal, which was later shifted to B&H house, block 15 Gulshan-e-Iqbal and renamed M/s Shah Taj Equities. The accused and others cheated members of the public at large on the pretext of fake forex trading, inducing people to invest by paying cash in the shape of Pakistani rupees and US $. The company introduced themselves as brokers of M/s GCI Financial Ltd. in British Virgin Island, which was a concocted story to lure the public.

The accused along with the others used to employ educated unemployed youth and impart basic knowledge of financial / business consultants to them. They would take deposits ranging from US $ 1,000 to 10,000 for opening fake accounts with the trading company. Initially after showing some profit to clients, the company started posting huge losses in their accounts and demanded more money for keeping the accounts of the investors alive. They cheated people to the tune of Rs.4.7 million. The main accused Kashif Bashir is already in judicial custody.