Lahore: NAB arrests proclaimed offender
LAHORE: The National Accountability Bureau, Punjab, has arrested accused Muhammad Khalid, ex-associate director of M/s US Credit Securities, Gujranwala, who was declared proclaimed offender by the Accountability Court No.1 in 2004. The company along with M/s Still Rich Financial Services (Pvt) Ltd with branches in Lahore and Sialkot had induced 1,535 investors to invest foreign currency with exorbitant profit of 4% to 5% in US Dollars per month on their investments. Later, the management cheated the investors by misappropriating US $13.2 million and disappeared. The accused, Muhammad Khalid, in his capacity as associate director illegally collected $ 86,900 from 22 depositors before absconding. Reference against ten accused directors and associate directors of M/S Still Rich and US Credit Securities, including Muhammad Khalid was filed in Accountability Court in 2004. Accused Muhammad Khalid had signed false agreements with investors showing M/s Still Rich and M/s US Credits Securities as registered companies with the SECP to mislead and cheat the public.
The NAB had earlier arrested another key accused Chand Pervez, elder brother of Muhammad Khalid, chief executive of M/s Still Rich Financial Services (Pvt) Ltd in 2007. To date, the NAB has recovered Rs 53.6 million from an ex-director of Still Rich Financial Services (Pvt) Ltd which was distributed among 1,388 depositors in December, 2007. The accused, Muhammad Khalid, was produced before the Accountability Court on Friday which granted his physical remand until January 2, 2009.
The NAB Punjab is making all efforts to prosecute the perpetrators of public scams in order to provide financial compensation and relief to the victims of such scams.
Remand: Accountability Court Judge Sardar Ahmed Chaudhry on Friday sent Muhammad Khalid, ex-associate director of M/s US Credit Securities, Gujranwala, a proclaimed offender, on seven days physical remand.
The accused Muhammad Khalid was arrested by NAB Punjab on Thursday evening from Gujranwala.
The accused had as the associate director illegally collected US $ 86,900 from 22 depositors before absconding.
The said company along with M/s Still Rich Financial Services (Pvt) Ltd had branches in Lahore and Sialkot and had made 1,535 people to invest in foreign currency and gain profits of four to five per cent in US Dollars per month on their investments. Later, the management cheated the people by misappropriating US $ 13.2 million and disappeared.