Lahore: Reference against fake forex company’s CEO
LAHORE: The National Accountability Bureau (NAB) has filed a reference in an accountability court against former chief executive of a forex company for misappropriating Rs 31.283 million. According to the reference, the accused, Rao Ghulam Qadir Khan, in order to cheat people formed an entity on October 1, 2002 of a company having its office at 7-Z Commercial Zone, DHA Lahore. The accused through his marketing staff and also by himself persuaded people to invest money on the promise of giving unreasonable profit up to 10 per cent per month and collected Rs 31.283 million from March 2003 to September 2003 and misappropriated the same.
On receipt of information/complaints about cheating by the company, an inquiry was sanctioned by NAB, which was followed by investigation in October 2007. A total of 57 claimants filed claims worth Rs 31.283 million against the publications made in the daily newspapers, inviting claims from the public.
The investigation by NAB established that the activities of the company were illegal, as they had no license to conduct Forex business either under rules and regulations of State Bank of Pakistan or under the Banking Companies Ordinance 1962. However, the accused only used the term Forex business but in fact; he collected Rs 31.283 million and later usurped the same. The accused, Rao Ghulam Qadir Khan, despite repeated summons never joined the inquiry and investigation conducted by NAB and is still at large.