NAB arrests main culprit in motorbike scam

LAHORE: National Accountability Bureau (NAB), Lahore on Friday took custody of accused Muhammad Ahmed Sayal, director of a commission-based private company.

The accused was allegedly involved in cheating and defrauding people at large by luring them on the pretext of providing motorbikes on cheap investment worth Rs25,000 only.

According to a NAB spokesman, accused Ahmed Sayal got registered his firm with Securities and Exchange Commission of Pakistan (SECP) in 2017 and started his business of import and export of spare parts. Later, he said, the accused in connivance with other co-accused launched a company and began to receive hefty amounts in the wake of providing motorcycles after receiving Rs25,000/- cash for promising delivery within 45 days.

Meanwhile, the spokesman added, hundreds of offices were opened in different cities like Multan, Faisalabad, Sheikhupura, Sargodha, Layyah, Sahiwal, Jhang, Thatha and Cheechawatni accordingly where thousands of agents started collecting billions of rupees from public just for their own commission worth Rs1,000 per bike. Initially, the owners of the private company distributed around 20,000 motorbikes as hoodwink move to attract more investment. By sniffing the deceitful act, SECP referred the case of treachery to Federal Investigation Agency (FIA) which later transferred the case to NAB Lahore in September, 2017, by keeping in view the magnitude of embezzlement.

He said NAB Lahore arrested co-accused Iqbal Zafar on 15th January, 2018, who has been facing the allegation of embezzling of Rs17.8 million. Investigations from Iqbal Zafar led to the arrest of chief culprit Ahmed Sayal. NAB investigation officials have sought 10 days physical remand of accused Ahmed Sayal by producing him before the Accountability Court.