National Accountability Bureau (NAB – Karachi) here on Monday arrested accused Ali Raza, proprietor of M/s AM Enterprises and Talal Asghar proprietor of M/s NTF Traders, alongwith their abettors, under Reference No. 34/2016.
Both the accused were arrested following series of raids in varied parts of the metropolis and placed under judicial custody for deceiving people in general of Rs. 786 million, said a statement issued by the NAB – Karachi office. According to available details accused Abdullah and Mohsin Abidi were also arrested under the same case from remits of I.I. Chundrigar road and Hassan square.
They have been charged as agents of the said Ponzi scheme working in active connivance with accused Ali Raza and Talal Asghar whereby they lured the innocent members of public, separately and jointly, to invest in their companies on the promise of high returns of profits under the garb of legal investment. Whereas, the said business was actually carried out to cheat public at large by fraud, accused Abdullah and Mohsin Abidi were cited to lure more than 40 unassuming investors and received illegal proceeds of approximately Rs. 6 million as commissions out of investors’ money.