In a “first of its kind case”, four IBA students have been put behind bars for infringing copyrights and intellectual property rights, a statement issued by AMZ MAK Capital Ltd has said.
The dispute started when four founders launched a financial portal “Investor’s Lounge“, which was successfully incubated at Pasha’s NEST I/O and was able to secure funding from Arpatech Ventures as well.
AMZ MAK, the complainant, alleges that founders of “Investor’s Lounge” were its former employees, namely Baqar Abbas Jafri, Sennen D’Souza and Hammad Ali Hashmi along with Waqar Ehsan, who — along with 12 other team members — were given the task to develop an Investor’s Social Media platform.
Mir Muhammad Ali Khan, the force behind AMZ MAK, told ProPakistani that Baqar Jafri, the main guy behind “Investor’s Lounge” instead stole the entire code (worth Rs. 14 million) and idea to launch his own platform with minor modifications.
On the other hand, Jehan Ara, Chairman PASHA and the face of NEST I/O, while speaking with ProPakistani said that “Investor’s Lounge” was developed before her eyes when it was incubated at NEST.
AMZ MAK Capital, after becoming aware of the alleged fraud, approached the Sindh court and after establishing the facts before the judge was allowed to proceed further which resulted in the arrest of the four founders.
The case will now be heard in court to determine the outcome.
“Investor’s Lounge” is still in process of preparing a media response on the matter. We will update the story when and if we get any word from them.
Update
The management of “Investor Lounge”, in a press statement, has said that Mr Baqar, along with his team, created new and original software code for Investors Lounge portal with the assistance of shared content recently purchased from recognized vendors with the specific intention of using such shared content for Investors Lounge only.
Investor Lounge said that it categorically denies the claims that any intellectual property or software code used in Investors Lounge has been illegally obtained or infringes the copyright of any third party.
Investor Lounge also carried Jehan Ara’s quote, in which she said: “This is a false accusation. I know these youngsters personally and the product was created from scratch at The Nest i/o. It is heartbreaking and totally unjust that these young entrepreneurs who have struggled so much and worked so hard to get to this stage should be put through this. I stand by them.”
Tou in entrepreneurs ki chitrool yahien Karachi main hi hogi ya Iran ki sair pe le jaya jaye ga inhain?
is this a place for religious or regional/ ethnic bigotry? admin, are you sleeping?
where you find religious / ethnic bigotry in my comments? i guess you are just afraid of Chitrool.
chitrol is already ON. enjoy :)
How they determined worth i.e Rs. 14 million ? I don’t think developers are being paid that much in Pakistan
12 team members and a year of development sums up to around 1.4 crore if all of them get paid about 1 lac each a month which is possible. Some senior developers have salaries up to 2.5 lac a month. I am not including managers, office expenses and other things.
These are all software development expenses, value of the software depends upon its worth. Which could be far far more than that and sometimes all the development went to scrap, Zero value!!!
14 million is nothing for a developed software!
1 lac? You must be kidding…
This is high or low?
Low
This is right number :)
That is the wort of the platform in the market and not the developers.
Exactly
There is value of the idea itself, which could be more than this number if there are no competitors in the market already.
make sense
Ridiculous. If these guys graduated from the Nest, how have they stolen source code? From what I know, Nest overlooks and supports development of each and every detail.
Looks like Zardari types in the names and shapes of Mir Mohd Ali are surfacing on the tech world as well. People with strong and powerful influences picking on the weak and hard working ones. God help Pakistan
Hope justice prevails.
There is a lot of wrong information and this is all false. Please check your facts before posting such information. This is the height of irresponsible journalism. Always been a fan of propakistani and Aamir’s work but now you have proved that propakistani is yet another masala blog. Thank you for putting your efforts to kill the entrepreneurial trust and this is the reason why our country is where we are!
Can you pls enlighten on what exactly is wrong with above report?
Hello Aamir,
1- Starting from your tagline “Entrepreneurs Arrested in Karachi for Allegedly Stealing Source Code” Are you sure they are arrested? Have you done any check on this claim.
2- You are claiming that all 4 of them are from IBA. Have you checked if they are from IBA or not? Is it that easy for you to defame the institution like IBA?
3- You claimed “The dispute started when four founders launched a financial portal “Investor’s Lounge“ Are you sure they are 4 founders ? again a false claim.
4- you claimed that there were 12 employees. Do you know any of them or you even bothered to do some research with them if its true ?
5- have you cross checked the worth of code or if its stolen or not?
I can write 1000 word response on this.. Many of the blogs have reported this fake news but wasn’t expecting such a low from propakistani. We, entrepreneur expect some support from propakistani but instead of highlighting our success, this blog is reporting fake news. Such a unfair state of affairs, a blog can ruin your years of efforts in matter of minutes
Talha, here’s how we do it:
— We aren’t claiming or saying anything, we are just quoting the involved parties and sharing everyone’s viewpoint. We aren’t investigators, we are just reporters. Court investigate karay ga and again we will report on it
Where in the journalism it has ever been taught to write without facts? Without evidence? Without proper information?.
I am a fan of yours but your response was confusing. Journalism is not about just reporting whatever comes on the table without fact checking.
I can only see a one side story here. No details of plaintiff. Who are they? What are the facts their claims are based upon?
I agree! This statement shows that these guys know nothing about journalism.
Please, you must enlighten us all with your knowledge of journalism.
I am not here to educate you about journalism. Go get a degree in journalism or read a book or two.
Are you sure about that? The way you’ve been flaunting your “Oh they know nothing about journalism” flag, I was almost sure that you were here to share information with us.
Careful now, I think I see your journalism degree sticking out of your ass.
Seriously. Its only one side of the story.
Fact tou beta khod hi maloom ho jana hai jab inki chitrool hogi thanay main, khod hi ugal dain ge facts wacts. Aamir se kia pochtey ho yeh koi chori main thori shamil tha aur tum bohat favor kar rahe ho unki lagta hai u were hand in gloves with them.
lol @ chitrool…
bohat he darbari zehaniat hai apki
Thanks for clarifying that this is how you do it because this isn’t how it’s supposed to be done. I usually refrain from jumping to conclusions too soon but ProPakistani proved to be just another Masala Blog as Talha said. I think you better take down this post or you will end up losing a lot of readership because you are about to offend the whole entrepreneurship community within next several hours.
entrepreneurship community == aka jehan ara group lol
If you hold grudges against that lady I have nothing to do with that but next time when you try to be funny make sure you have some solid grounds.
Bingo!
I for one would never want propakistani people nosing around interviewing at my workplace, even if it is for a positive puff piece. I don’t control the company but that is my wishes.
@aamir7:disqus i think you should edit the post to clarify that these are just the news you got whereas facts aren’t cleared yet. just my innocent opinion.
Seriously? I don’t know a lot about journalism but I know for a fact that news spread out without baseless facts are rumors. You are supposed to bring reliable information to the people. And if someone corrects you, you should take this with honor. It’s sad to see how ignorant our people are and like other media frenzy would post anything that might get attention.
This very irresponsible. If you want propakistani to have any future credibility you must refrain from just propagating unverified information.
Are they arrested or not???
Yes
Aamir, there’s a term called, “Investigative Journalism”. Never reach to any conclusion till every piece of information is collected.
You sound like someone who has a lot to hide.
Do you want a blogging site like propakistani publishing lies about you and then saying “oh, we just reported what we heard, we didn’t check facts?”
Please say “yes”, that will indicate your level of understanding of “journalism” which you obviously cannot even be bothered to google.
The fact is that an FIR has been launched, and there had been arrests. Yes, we made sure that we are reporting is factual and that viewpoint of both sides was included. What else should we check? The code or the Form B of the complainer?
You say: Yes, we made sure that we are reporting is factual and that viewpoint of
both sides was included.
Really? How? When you check elsewhere you find that only one person was arrested and all four have bail. Also when you posted originally, you only had one side, and then later updated with other side (but we still don’t know who “management” in website you talked to — do they have name?)
I am sorry, but your words earlier: “we are just quoting the involved parties and sharing everyone’s viewpoint.”
By your own definition of what you do, if someone DOES end up feeding misinformation to you and you publish without adequite verification, then you have done what you said: quote involved parties and sharing everyone’s viewpoint. That doesn’t make what you posted factual or accurate, it is just sharing someone’s viewpoint which might just be opinion, not fact.
The thing that one side might be outragiously wrong about what they say is ignored by your statement of purpose. Both sides are NOT ALWAYS equally balanced or true.
Here it certainly seems you printed more “facts” than were actual, and then had to modify your story since the URL does not match the title any more.
Shahid Saleem, I am not arguing with you. But as a reference, I waited for over 30 hours for responses from investors lounge. I incorporated all the info they had shared. Go and ask them why they didn’t say more (that could please you) when they had a chance.
“Go and ask them why they didn’t say more (that could please you) when they had a chance.”
They don’t actually owe you anything. You know that, right?
You know what. Forget it. IT’s your blog, you can publish whatever and however you want.
But I know for a fact that there have been some really horribly bad mistakes (TECHNICAL mistakes, not opinion or viewpoints) published here ( with facts that anyone with 5 minutes of googling can prove wrong), and people have complained aobut them in comments and nothing has happened to the stories. They are still on the site.
All I have to say on the issue now.
Amir tell me something. Why the hell do I always see you replying here yourself all the time? You realize thats the biggest rookie mistake in the book to do as a social media person (as owner of ProPakistani). The more you come here, the more crap they will give you. I bet you if you hadn’t replied here no one would have cared about this guy said and almost no one would have replied any further. If you haven’t learned this, let me tell you. A huge majority of people in our country are exceptionally good (and dedicated) when it comes to pulling others down..
Talha Yaseen MashAllah brother. If thats your definition of journalism, care to enlighten us on what private investigators are for then? Reporting news is not the same as a full blown private investigstion! Yr boht hansa dety hein log kbi kbi XD
This story on this site is neither good journalism or the result of a private investigation.
I don’t want to get into arguments with you, and you know it why. It’s the time that you waste.
It is so true: We entrepreneurs are living in a world of fools.
Initially people discourage us, laugh at us.
And when we reach a stage where discouraging us and laughing at us wont work.
Than people try to crush us with false accusations, and destroy us with such bollywood masala type blogs.
Good job ProPakistani for posting a blog with false accusations and without getting your facts straight.
Furthermore: any news that is posted requires atleast some evidence, and facts, but if its all about just what the source said whether reliable or not than you guys did an awesome job
Enterpreneurship is not a walk amongst roses. It’s one thankless slog. What were you expecting – people being grateful to you and showering you with roses for starting your tiny company ?
Propakistani is a news blog, and it will report all the news that exists. I think they have covered it well by publishing views of both sides. No where in the blog they have declared these entrepreneurs as culprits. I hope the court investigates the matter promptly and justice is served. If these young chaps are innocent, they should file a counter claim for defamation.
How cool it is to create something and get sued for it!
Pied Piper V Hooli circa Silicon Valley ki live enactment.. Majaaaaani laife :)
Mir Muhammad Ali Khan, the force behind AMZ MAK is actually a corrupt person making false accusation on young entrepreneurs. (follow the link to know his true face http://www.nytimes.com/2000/01/02/business/was-he-wiser-than-the-wise-guys.html?pagewanted=all)
MAK or Mir ali is known fraudster. These kids are his victims. He’s wanted in the states for Fraud and Insider Trading. https://insidefinancialmarkets.com/mir-muhammad-ali-khan-in-controversy-again/
Lol! Now you are going below the belt. I am not responsible for what you think and be sure about. There are few standards of journalism that everybody understands and mistakenly assumed that everybody around here is aware of them but unfortunately you are not so go read a book or something and stop trying to prove you have something to say other than gibberish.
Where are the facts? No evidence
Using wW as a variable name ;)
(you’ll laugh only if you get the joke)
The asseveration by Mir Muhammad Ali Khan is farcical. Investors Lounge’s value proposition is in no way related to what AMZ MAK Capital Limited offers. Investors Lounge is not a social media platform.
It is so true: We entrepreneurs are living in a world of fools.
Initially people discourage us, laugh at us.
And when we reach a stage where discouraging us and laughing at us wont work.
Than people try to crush us with false accusations, and destroy us with such bollywood masala type blogs.
Good job ProPakistani for posting a blog with false accusations and without getting your facts straight.
ok so Mir Muhammad Ali khan the legendary con thinks that these kids have have played a con on him . If thats true , well done boys !
The irony being those kids are “arrested” apparently just because someone accussed them. Well in this case I should start registering FIR against anyone I don’t like. Who cares I win the case in the end or not, I will give them nightmares to remember. What a dumb system.
I am very disappointed to see that a renowned blog like ProPakistani publishing a story that is based on FALSE facts and acquisitions. What about any due diligence?
Waqas mujhay bhi bara afsos howa acquisition ka sun kar :s
*accusation
Thank you for correcting. And I hope that my comment isn’t offensive.
But I personally know a number of facts mentioned in this article which aren’t true. And someone down below has also pointed some facts out.
I would really like to ask, was any due diligence done before posting this article?
So I didn’t say anything from my mouth. Everything written above is quoted to corresponding people. Go fight them (in court) not me :)
Amir I am not fighting, and I apologize if It seems this way. Yes you are merely quoting people but who you quote and what you quote and how you quote can present absolutely different sides for the same story, which unfortunately seems to be the case here.
And you STILL haven’t answered whether or not any due diligence was done before posting this article?
Yes. Interviewed at least a dozen people and reported in accordance to my understanding. But ghayeb ka haal tu Allah ko Pata hay and no one can beat that.
Unlike other media houses and online website, we are very open to feedback. I do encourage engagement and hope that it clarifies any misunderstandings. Having said this, I know not all of my efforts are fruitful.
guys if you want to know somthing about this guy Mir Mohammad Ali Khan
just google “Mir Mohammad Ali Khan nytimes” and click on the first link
he is a fraud
first person to explain the whole thing in simple terms gets a cookie…
GO !
Guess no one wanted the cookie.
their loss …
Those who are blaming Propakistani for bad journalism, should read the blog carefully. It clearly states that the complainant went to Sindh high court and on the directives of the court FIR is registered. Court does not issue an arrest warrant without analyzing the evidence. The arrests were made, and Propakistani waited for 24 hours to get some response from NEST before publishing it.
There are breaking news and investigative reporting. This is breaking news, its not their job to investigate. All main stream news sites have published this pretty much on the same lines. (Check Geo, tribune & dawn)
If they have re-developed the code using the knowledge they have gained then it is not illegal unless there was some non-compete clause in their job contract for a certain period of time. Even in that case, it should be proven that the code originated from the complainant side and it violates the non-compete clause.
If it is the case of “somebody stole my bright idea” then PASHA or NEST I/O should back investors lounge as this kind of thing will give a chance to big players to eat small players simply on the grounds that they stole our idea even though the new players were providing another product which does the same thing. Imagine people being arrested for making an ERP or CRM on grounds that Microsoft thinks that they have stole some ideas from Dynamics.
If the complainant doesn’t provide evidence that investors lounge actually stole the code then they should be sued for a big amount like a billion rs or something with full backing of IT industry raising voices over social media or whatever platform.
I do not know any of these parties personally, But I had been victim of such actions from my staff in past. One of them took away the code to client while the payment was pending with client and he starting serving him. I got to know this after 3 years when I paid a surprise visit to client. But I never took any legal measures or never opted for sentencing them. Do not want to disclose here what happened to those later, but God forbid, it was horrible.
The problem is, every one of us is a judge. The society as a whole is corrupt and then we see intellectual youth committing more corruption than the jahils. We need an honest society.
In Pakistan when we ask questions people simply delete our post without commenting on it.
https://uploads.disquscdn.com/images/ea29bc7757a4e25ad76577cbb1297d86092122ababbeb30454e2ac6a0671ff5f.png