Lahore: Reference filed against forex fraudster
LAHORE: The National Accountability Bureau (NAB) Punjab has filed a reference in Accountability Court against Muhammad Mansoor Khan, the owner of Chase Gold International for cheating people out of money equal to US $ 0.273 million. According to the reference, an inquiry was ordered against Chase Gold International after NAB received complaints that it had defrauded and cheated people out of funds. It said that 32 claims worth the said amount were received after people were asked through newspapers to file claims against the company. It said that an investigation by NAB in December, 2007 was started in this regard, which proved that Muhammad Mansoor Khan formed an illegal forex business, Chase Gold International as sole ownership in January, 2003 having office at 17–Bridge Colony, Sherpao Bridge, Lahore Cantonment without getting it registered with any government regulatory authority.
It said the accused with malafide intentions through marketing staff induced people to invest in foreign currency on the promise of profit up to 5 to 10 per cent on investment per month. The accused dishonestly and fraudulently collected US $ 0.273 million from January 2003 to September 2003 and later misappropriated the same.
It said no proper accounts record was maintained by the company and no audit was ever carried out.
Thus, the investigation confirmed that the accused, Muhammad Mansoor Khan defrauded people.
It said the accused was repeatedly summoned but he failed to join inquiry or investigation and seems to have absconded.