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Lahore (Qaiser Mughal)National Accountability Bureau (NAB), Lahore arrests accused Muhammad Waqqas from Sargodha on the allegation of grabbing Rs 10.2 Million as commission for booking around 5000 Motor Bikes while being a Director for MNM Motor Cycle Scam.
The accused is allegedly involved in cheating and defrauding general public at large by luring them in the wake of providing Motor Bikes on cheap investment worth Rs 25 Thousand only, whereas, the accused managed to book 5000 motor bikes and transferred hefty amounts in the accounts of Management of MNM Scam.
During the course of investigations, it was revealed that the chief accused Ahmed Sayal got registered his Multi-level Marketing (MLM) Firm with Securities Exchange Commissions of Pakistan (SECP) in 2017 and started his business of Import and Export of Motor bikes’ spare parts, but afterwards the accused in connivance with other co-accused launched a Company named M/s Munafa Network Marketing (MNM), Pvt Company and began to receive hefty amounts in the wake of providing Motor Cycles after receiving Rs 25,000 cash for promising Bike’s delivery within 45 days.
Meanwhile, hundreds of offices were opened in different cities like Jhang, Bhakkar accordingly, where thousands of agents were collecting Billions of rupees from public just for their own commission worth Rs 1000/- per bike. Initially, the owners of M/s MNM Private Company distributed around 20,000 Motor Bikes as hoodwink move to attract more investment.
By sniffing the deceitful act, SECP referred the case of treachery to Federal Investigation Agency (FIA) which later transferred the case to NAB Lahore in September 2017 by keeping in view the extended magnitude of embezzlement. NAB Lahore has, so far, arrested 26 culprits involved in this scam wherein, 17 accused were arrested from different portions of Punjab in a sting operation launched by NAB Intelligence team, last week.
Today, NAB Lahore has arrested another important accused Muhammad Waqqas who has been facing the allegation of obtaining Rs 10.2 million as commission.
NAB Investigation Officials have taken Physical Remand of accused Muhammad Waqqas till 13th June by producing the same before Accountability Court.
UNN News Agency. All Right Resered. 2018.