NAB Takes Action Against Quaid-e-Azam International Hospital’s Owner

Acting upon a complaint lodged by Pakistan Embassy in the United States, the National Accountability Bureau has filed a reference against the chief executive officer (CEO) of Global Health Services and Quaid-e-Azam International Hospital, Dr Shaukat Ali Bangash.

The reference has been filed against Dr Bangash for an alleged corruption of Rs. 1.28 billion.

The accused allegedly minted money from overseas Pakistanis in the garb of investment.

The Bureau, in its announcement, said that Pakistan’s former Ambassador to the US, Jalil Abbas Jilani, had written a letter to the NAB complaining against the CEO of Global Health Service for defrauding overseas Pakistanis.

Subsequent investigations proved the accused defrauded overseas Pakistanis and took money from them through deceptive practices, the NAB added.

It added that the accused established Quaid-e-Azam International Hospital from the money minted from the overseas Pakistani through fraudulent means.

Quaid-e-Azam International Hospital is also not registered with the Securities and Exchange Commission of Pakistan (SECP).

The NAB said that Pakistan consulate in Chicago had also complained against Dr Bangash.

Director General NAB Rawalpindi, Irfan Mangi, has advised the masses to invest only in companies approved by the government and regulatory bodies. He vowed that NAB is committed to eradicating corruption from the country. 

The accused registered a company, Global Health Services Ltd, with an authorized capital of Rs. 20 million and the paid-up capital was Rs. 633,150.

The complaints reveal that Dr Shaukat Bangash is a US citizen, who with the active participation of his co-accused, took money from Pakistan origin doctors practicing in North America. He collected investment in the name of fake partnership claiming a project of Global Health Services Ltd.

As per the complaints, he had collected over Rs. 30 million in US dollars from each partner. The accused and his colleagues collected the money through pay orders and cheques in the name of Global Health Services as well as his own name while promising substantial profit on the investment.

Since 2007/2008, billions of rupees have been in the unauthorized use of the accused and his colleagues, who are issuing share certificates of less value of Global Health Services Ltd (GHS) at a higher value. In this way, a company which had a paid-up capital of Rs. 5.6 million in 2009, reached a paid-up capital of Rs. 3 billion in 2011.

The accused has committed a gross violation of the Companies Ordinance 1984 and inviting investments against the law and committed fraud with the public at large.

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