LAHORE: The Lahore High Court (LHC) on Thursday directed National Accountability Bureau (NAB) to complete investigations into brokerage house MR Securities fraud case within four months.
LHC Chief Justice Syed Mansoor Ali Shah passed these directions while hearing a petition filed by one Fraz Ahmad.
Earlier, the petitioner's counsel submitted that MR Securities's chief executive defrauded 670 citizens and fled to England with their cash. He alleged that Securities and Exchange Commission of Pakistan (SECP) was bound to issue licenses to limited companies only but it had also issued licences to individuals against the law. He said that many such companies had disappeared during the 2016 with cash of their investors.
However, SECP counsel apprised the court that the commission was looking into the case and it had been forwarded to NAB who was also investigating into the matter.
He said that Rs 275 million had been given to the affectees after recovery whereas Rs 550 million assets had been taken into custody in connection with the case.
NAB counsel submitted that the investigations were in progress and statements of more than two hundred victims had been recorded.
At this, the court after hearing arguments of all parties directed NAB to complete investigations within four months and also sought a detailed report in this regard, on next hearing. The court also directed authorities to record statements of other affectees.
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