DERA GHAZI KHAN - The district police have referred a Rs50 million fraud case to the National Accountability Bureau (NAB) for strict action and providing quick remedy for more than 100 affectees who were cheated in the name of investment.

Under the supervision of DPO Ahmed Nawaz Cheema and SHO PS Civil Lines Shakeel Bukhari, Investigation officer (IO) Shahzad Khan arrested Shoaib, one out of the five accused from M/s Munafa Network Marketing (MNM) Company in the case (192/18) filed Under Section 420, 468 and 471 of PPC.

Talking to The Nation, IO Shahzad said that five suspects namely Saqib, Salik, Shoaib Sarfraz and Israr allegedly involved in defrauding and cheating public at large, established a branch of motorcycle selling MNM Company at Model Town in January-2018 and began receiving hefty amounts for providing motorcycles for Rs21,300 in cash on the promise of delivery within 35 to 40 days. He also offered a profit of Rs2,500 to Rs6,500 in the name of re-purchase of share after completion of full payment of motorcycle ie Rs35,500.

A total of 107 people deposited a total of Rs40,836,460 as investment and in return the accused issued printed invoices to the customers. Initially, the accused distributed some motorcycles and profit of Rs1,374,500 to the customers as a ploy to attract more investment.

As a result, about 200 citizens were affected and lost about Rs50 million.

The accused embezzled the huge money in a very short period of three months and then suddenly closed the office and disappeared in the night.  Shahzad added that owner of MNM Company Ahmed Sayal was arrested by FIA in January-2018 and recently was under the custody of NAB. He got registered his Multi-level Marketing (MLM) Company with the Securities and Exchange Commission of Pakistan (SECP) in 2017 and launched his business of import and export of spare parts. Later, he launched MNM Pvt Company and began to receive hefty amounts by providing motorcycles after receiving Rs25,000 cash and promising delivery of bikes within 45 days.

Meanwhile, hundreds of offices were opened in different cities of Punjab, where hundreds of agents collected billions of rupees from general public just for their own commission worth Rs3,000 per bike, he said.

Shahzad said that district police had sent the case to NAB for quick remedy but there were many more affected citizens who were hesitant to approach the police against the scam.