LAHORE - The National Accountability Bureau (NAB) Lahore on Friday arrested a man allegedly involved in cheating the public at large by luring them into buying motorcycles on lower rates.
Muhammad Ahmed Sayal, director of M/s Multi Level Marketing (MLM), a commission-based private company, was allegedly involved in selling motorbikes to the public at the rate as low as Rs25,000.
Sayal got Multi Level Marketing registered with the Securities and Exchange Commission of Pakistan (SECP) in 2017 and started his business of import and export of spare parts. Later, he launched M/s Munafa Network Marketing (MNM) Pvt Company in partnership with his co-accused and began selling motorcycles for Rs25,000 each. He promised delivery in 45 days.
He opened hundreds of offices in different cities like Multan, Faisalabad, Sheikhupura, Sargodha, Layyah, Sahiwal, Jhang, Thatta and Chichawatni where thousands of agents would collect billions of rupees from the public for Rs1,000 commission per motorcycle.
Initially, owners of M/s MNM distributed around 20,000 motorbikes to attract more investment. The SECP smelled something wrong and referred the case to the Federal Investigation Agency (FIA). The FIA transferred the case to NAB in September 2017 keeping in view the magnitude of embezzlement, says a NAB spokesman.
The NAB arrested Sayal’s co-accused Iqbal Zafar on January 15, as he has been facing allegations of embezzlement of Rs17.8 million. Interrogation of Zafar led to arrest of Sayal. NAB investigators have sought 10-day physical remand of Sayal from the accountability court.
