LAHORE – A National Accountability Bureau (NAB) Punjab spokesman claimed on Wednesday to have filed a reference in the Accountability Court against Murtaza Masood, director of the MMA (Pvt) Ltd, for allegedly misappropriating Rs14,017,915 of the public and obtaining financial advantages through illegal means.

According to the reference, the NAB Punjab authorised an investigation against Murtaza on receipt of numerous complaints. It was revealed during the investigation that the accused was not a member of the Lahore Stock Exchange (LSE); however, he registered the MMA (Pvt) Ltd with the Securities and Exchange Commission of Pakistan on December 20, 2006.

The accused, using the company’s name, impersonated himself as a registered LSE broker / member, and indulged in unauthorised and illegal collection of money from the investors.

Many people invested their money with the accused but he withdrew the same for his own use instead of investing it in some business.

The NAB Punjab, after detailed scrutiny of the record and collection of incriminating evidence, has completed the investigation and filed the reference.