National Accountability Bureau (NAB) Karachi has arrested 2 persons who were allegedly involved in running a Ponzi scheme, embezzling as much as Rs 786 million through it.
According to NAB Karachi, raids were carried out in 2 different locations in Karachi. The NAB team arrested Mohsin Abidi and Abdullah from the remits of I.I. Chundrigar Road and Hassan Square respectively.
The accused Abdullah and Mohsin Abidi lured more than 40 unaware people who invested in their schemes. They received illegal proceeds of approximately Rs. 6 million as commissions out of the investors’ money. The arrested individuals have also disclosed other people’s names as their abettors in this ponzi scheme.
The accused Abdullah and Mohsin Abidi have been charged as agents of the said Ponzi scheme, working in active connivance with 2 more accused Ali Raza and Talal Asghar as well. Through this scheme they lured the innocent public, individually and jointly, to invest in their companies on the promise of high returns of profits under the garb of legal investment. However, the said business was actually carried out to cheat public at large by fraud.
NAB Karachi said that both the accused and arrested persons were wanted in Reference No. 34/2016 filed against Ali Raza, proprietor of M/s AM Enterprises and Talal Asghar, Proprietor of M/s NTF Traders (both under judicial custody) on the charges of cheating the public at large to the tune of Rs. 786 million.
The arrested individuals will be produced before an Accountability Court in Karachi and physically remanded.