The National Accountability Bureau (NAB) has filed a reference against the All Pakistan Project for the alleged embezzlement of nearly two billion rupees.
It issued a statement on Monday according to which the Securities and Exchange Commission of Pakistan (SECP) has complained that the company has defrauded the public at large and laundered billions out of the country. It has also supposedly swindled over 12,000 people of more than Rs. 1.8 billion by promising them unrealistic returns.
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The NAB has nominated the owner of the All Pakistan Project, Malik Adam Amin Choudhry, as the main accused in the case, and his father, Muhammad Amin, and Faisal Ayub Khan, Jawad Ullah Adil, and Hassan Pasha as the co-accused.
According to NAB, the All Pakistan Project is a fake company running a Ponzi scheme and used social media platforms (YouTube and Facebook) to lure innocent people into investing with them in return for unrealistic profits.
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As per the statement by the NAB, “The company has no real or legal business but still offered 8% to 24% profit. This came from the money collected from investors in the first place”.
It added that Choudhry had been arrested from Rawalpindi in April.
The SECP had previously banned the company ‘B4U Group’ in December 2020 for taking illegally taking investments from people. It later renamed itself the ‘SR Group’ that was not registered with the SECP.
