Directors of a private firm arrested over corruption
NAB says arrested directors cheat public by unauthorised business of shares
KARACHI – National Accountability Bureau (NAB) has arrested two directors of a securities firm for cheating public allegedly by doing unauthorised business of shares.
The accused identified as Farooq Ismail and his brother Abdul Shabbir Ismail, Directors of M/s Ismail Abdul Shakoor Securities (Pvt) Ltd were arrested from Karachi in compliance of the arrest warrants issued by the NAB director general. The accused were involved in cheating public at large by unauthorisedly pledging shares of approximately 90 investors and claimants to banks for availing financing facilities.
They caused loss to the public at large to the tune of Rs 348 million, as they neither returned the shares nor the amount to the investors and claimants, it added.