Rawalpindi: Father, son arrested in financial scam
Rawalpindi: As reported by The News on Friday, Accountability Court No. 1 Judge Muhammad Tariq Abbasi here on Thursday awarded sentence two men in a financial scam. The judge awarded eight-year sentence to Colonel (r) Muhammad Shahid and imposed a fine of Rs67 million on him. He will have to undergo further imprisonment of two years in case he fails to pay the fine. The court also gave five-year sentence to Colonel (r) Muhammad Shahid’s son, Subhan Shahid, and imposed a fine of Rs10 million on him.
Subhan will have to undergo imprisonment for one more year in case of non-payment of fine. Both the father and son were accused for forming an investment company without a license and approval from the Securities and Exchange Commission of Pakistan (SECP). As per allegations, they attracted people for investment and later embezzled the funds in 2005. The NAB filed a corruption reference against the two in 2009.
The complete article can be found at The News.