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Lahore: (UNN) National Accountability Bureau (NAB), Lahore has filed a Corruption Reference against Muhammad Ahmed Sial, CEO of M/s MNM (Pvt) Lmt. Motorcycles Private Limited and other 271 Stockists associated with said Company in a renowned Public at Large Case in which thousands of innocent people were allegedly deprived of their hard earned earnings by treaching in the pretext that the Company would provide them with new motorbikes over the investment of Rs 25,000/- only.
According to further case details, accused Muhammad Ahmed Sial, CEO of M/s MNM (Pvt) Ltd got registered his company with Securities & Exchange Commission of Pakistan (SECP) on February 7th, 2017 with declaration of Muhammad Arshad Ali and Irum Shehzadi as share holders, whereas, the Company was actually authorised to do the business of Import and Export of Motorcycles’ spare parts but afterwards the Company violated its memorandum clause and started collecting huge investments dishonestly by promising of selling of Motorcycles and subsequently misappropriated huge amounts in Billions of rupees.
Knowing about the violations committed by aforesaid company’s officials, SECP referred a complaint to NAB Lahore in August 2017. Over which a direct ‘Inquiry’ was authorised by NAB Lahore Director General Shahzad Saleem in January 2018 which was upgraded into Investigation in May 2018 keeping in view the mega flux of amount being involved.
During the course of Investigations, it was revealed that the accused persons had expanded the illegal business nation-wide through hiring of more than 271 agents (approx) commonly known as Stockists. The management of M/s MNM Limited also lured the general Public through Websites and Social Media networks. The stockists booked thousands of Bikes and issued receipts through their Websites and show rooms. Moreover, these stockists were paid Rs.2275/- on bringing every new investment in the Company/system.
NAB Lahore after taking cognizance of Cheating Public to such extent immediately got published Ads in newspapers to collect maximum claims from affectees and also cautioned all known properties and Bank Accounts of accused persons worth Rs840 Million, whereas, 39 x chief accused persons including owners were also arrested during Inquiry / Investigation proceedings. More than 11000 affectees approached NAB Lahore with their claims amounting to Rs 17 Billion (approx) among them verified claims turned to be Rs10.7 Bn. Subsequently, 10 x accused persons opted for Plea Bargain (PB) from which 4 x PBs have been approved by the Hon’ble Accountability Court. Reference u/s 18(g), 9(c) has been filed in Accountability Court vide 78/2018 for Court proceedings.
Director Genral NAB Lahore Shehzad Saleem said that the Bureau under the leadership of Chairman NAB, Justice Javed Iqbal is heartedly committed to wipe out the threat of corruption from society and in this regard an absolute objectivity and thorough professionalism is being observed to fulfil this commitment. NAB’s prime focus is to recover looted money from culprits and to dissaminate it among all affectees, on priority.
UNN News Agency. All Right Resered. 2018.