Lahore: Man jailed for embezzlement
LAHORE: An accountability court on Friday awarded six and a half years jail term to Chand Pervez, director of private company providing financial services, for embezzling Rs 9,75,000 by cheating public at large. The court also imposed a fine of Rs. 9,75,000 on the convict. The company along with M/s US Credit Securities, Gujranwala having branches in Lahore and Sialkot had induced 1,535 people to invest in foreign currency with exorbitant profit of four to five per cent. Later, the management cheated the people at large by misappropriating 13.2 million dollars and disappeared.
The co-accused, Muhammad Khalid, ex-associate director of M/s US Credit Securities, Gujranwala, in his capacity as an associate director had illegally collected 86,900 dollars from 22 depositors. Reference against 10 accused directors and associate directors of M/S Still Rich and US Credit Securities, including Muhammad Khalid and Chand Pervez, was filed in the accountability court in 2004. Both accused brothers had signed false agreements with investors showing M/s Still Rich and M/s US Credits Securities as registered companies with SECP to mislead and cheat the public.
The spokesman claimed that NAB had earlier arrested another key accused Chand Pervez, elder brother of Muhammad Khalid, chief executive of the private finance company, in 2007. Later, NAB arrested and recovered a large chunk of embezzled amount.