Lahore: Rs 1.2b fraud accused remand extended
LAHORE: An accountability court on Saturday extended for 14 days the judicial remand of Rana Qaiser Nazir, allegedly involved in Rs 1.2 billion scam.
On Saturday, jail authorities produced the accused before the court which extended the judicial remand by July 29, with directions to NAB authorities to submit a chalan as soon as possible. On complaints from general public, an inquiry was initiated against the owners of Canal Motors, Lahore.
It was alleged that accused Rana Qaisar Nazir, with connivance of his co-accused, associates and close relatives, lured innocent people into investment in booking of vehicles with exaggerated profits. They embezzled original amounts of the depositors in addition to taking commission on investments. The inquiry also revealed that the accused collected over Rs.1.2 billion by cheating public at large through fraud, illegal and dishonest means with active connivance of each other, and transferred the looted money into accounts of Benamidars.