ISLAMABAD Blocking one way of a fraudulent person to cheat may lead him to find another way of looting and plundering the innocent people, if not the national exchequer. When TheNations reporting unearthed bizarre ways of causing losses to the national exchequer by supplying water mixed oil and consignments from banned origins to the Pakistan State Oil, the crony of the Presidents cronies Irfan Iqbal Puri found another way to plunder investors. After conducting a comprehensive inquiry (complete report of which is available with TheNation), the Securities and Exchange Commission of Pakistan has already filed a lawsuit against a brokerage house of the Karachi Stock Exchange namely the Capital One Securities. The SECPs inquiry report of 68 pages has established in a forensic manner that Mr Puri was behind the entire game of depriving investors of their about Rs 400 million by making a web of associated companies. According to the conclusion of the SECP report, the brokerage house basically owned by Mr Puri along his other family members namely Akbar Puri etc, violated at least nine of the relevant laws in order to defraud its clients. The scrutiny of copies of record disclosed that the brokerage house in an unauthorisedly, without the consent of and/or authority, moved/transferred shares of its clients and pledged them with the Bank in order to obtain financing facility and likewise pledged with KSE for exposure margins, reads the executive summary of the report. The finances so obtained and exposure margins so availed, were mostly for the benefit of selected few including 5 major debtors (with Puri on top of them) mentioned above, at the cost of its clients, it added. ...And such transferred/ pledged shares were sold by the Bank and KSE by exercising their respective pledge call option upon failure of Brokerage House to retrieve the same. The above situation was applicable to almost all claimants, except for change in dates and manner of movements. It was also observed that mostly transfers and pledging was either simultaneously, or almost immediately one after the other, it the SECP report maintained. The top most violation by Mr Puris defaulted brokerage House 'Unauthorised pledge and movement of shares, was, however, not a new way of defrauding the clients. Current history of the stock exchanges in Pakistan is full of such tactics used by brokerage houses to pledge the shares of the clients in order to get financing again to be invested in stocks. The default rather fraud of Intergain Securities in Islamabad Stock Exchange was a typical example this type of criminal breach of investors trust and eventual misappropriation of shares or equivalent amount of money. It is also on record that not a single case of 100 percent or even partial recovery in such defaults and frauds was available so far.