Motorcyle company scam: NAB files corruption reference

Business Recorder

LAHORE: National Accountability Bureau (NAB) Lahore has filed a corruption reference against Muhammad Ahmed Sial, chief executive officer (CEO) of M/s MNM Motorcycles (Pvt) Limited and 39 employees of the company over alleged fraud of Rs 17 billion.
According to NAB spokesman, the accused got registered his company with Securities & Exchange Commission of Pakistan (SECP) on Feb 7, 2017 with declaration of Muhammad Arshad Ali and Irum Shehzadi as share-holders.
Whereas, the company was actually authorised to do the business of import and export of motorcycle spare-parts, it violated its memorandum clause and started collecting huge investments with the promise of selling motorcycles. Subsequently, it misappropriated amounts in billions of rupees.
More than 11,000 affectees approached NAB Lahore with their claims amounting to Rs 17 billion (approx). Among them, the verified claims turned to be Rs 10.7 billion.
Subsequently, 10 of the accused persons opted for plea bargain, out of them four plea bargains have been approved by the accountability court.
A reference under sections 18(g), 9(c) has been filed in the accountability court vide 78/2018 for the court proceedings.

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