Judicial remand of fraud accused extended

LAHORE: An accountability court on Thursday extended judicial remand of all accused in multi billion MNM motorcycle scam by May 20.

The NAB had filed a reference against more than 30 accused in the scam. In this case, the accused are allegedly involved in cheating and defrauding the general public by promising them delivery of motorcycles within 45 days after making an investment of Rs 25,000.

The accused used to collect all money allegedly from innocent people by promising them motorcycles on investing Rs25,000 only. The main accused, Ahmed Sial, got registered his Multi-Level Marketing (MLM) firm with the Securities Exchange Commissions of Pakistan (SECP) in 2017 and started his business of import and export of spare parts, afterwards the accused in connivance with other co-accused launched a company named M/s Munafa Network Marketing (Pvt) and started receiving hefty amounts from people with the promise of providing them with motorcycles within 45 days.

The SECP referred the case of treachery to the FIA, whereas, the case was later transferred to the NAB Lahore in September 2017 keeping in view the magnitude of the embezzlement.