Another accused of motorcycle scam arrested

The News

LAHORE : National Accountability Bureau (NAB) on Wednesday arrested Bilal Sharif, one of the accused in Munafa Network Marketing (MNM) motorcycle scam worth Rs11 billion.
Earlier, the bureau had arrested 17 accused in the same scam in a single day. The case details reveal that the owner of MNM Motorcycle scam accused Ahmed Sial got registered his Multi-level Marketing (MLM) firm with Securities Exchange Commissions of Pakistan (SECP) in 2017 and started his business of import and export of spare parts, whereas, afterwards the accused in connivance with other co-accused launched a company named M/s Munafa Network Marketing (Pvt) company and started receiving hefty amounts in the wake of providing motorcycles delivery within 45 days.
Meanwhile, hundreds of offices were opened in different cities like Jhang, Bhakkar accordingly, where thousands of agents were collecting billions of rupees from general public just for their own commission worth Rs1000/- per motorcycle. Initially, the owners of M/s MNM distributed around 20,000 motorcycles as a confidence-building move to attract more investments. By smelling the deceitful act, SECP referred the case of treachery to the FIA, whereas, the case was later transferred to NAB Lahore in September 2017 by keeping in view the magnitude of the embezzlement. NAB has so far arrested 27 accused including M/s MNM Motorcycles chief executive Ahmed Sial. The arrested accused will be produced before the accountability court on Thursday (today) for physical remand.

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