Karachi: Fake shareholders remanded to police custody
KARACHI: Judicial Magistrate East, Naheed Jabbar, remanded three of the accused to police custody till November 24 in an alleged involvement of printing shares of reputed companies. Niaz Rind, Mohammed Rehan owner of the printing press and a designer of shares Shahzad were arrested under section 420, 458, 471, 473 and 109/34 for making fake shares of Noori Textile Mills and SS Oil Mills worth Rs 127,800 and Rs 30,000 of the Pakistan Penal Code (PPC).
The Federal Investigation Agency (FIA) raided the office of a printing press where fake shares were printed and recovered printing material and stamps of reputed business companies.
The FIA received information from the stock market that some people are involved in printing fake shares of the companies. The FIA director constituted a team comprising of Inspector Sher Gul, Mugheeri and Rafiq Baloch which after initial inquiry arrested Niaz Rind who also revealed about the share designer.
The team also raided a printing press at the Pakistan Chowk and recovered computers and other printing material from their custody.
They confessed with the police that they were doing fake shares business for the last so many years.