All Pakistan Projects Business scam: Physical remand of accused extended till 21st

ISLAMABAD: The Accountability Court, on Friday, extended physical remand of an accused, Adam Ameen Chaudhry, till May 21st in All Pakistan Projects Business scam. Accountability Court-I judge, Muhammad Bashir, while hearing the case, extended physical remand of the accused, Chaudhry, for another 14 days.

In the scam, the accused, in connivance with another accused person, deceived people at large by depriving them of millions of rupees in the garb of so-called, “All Pakistan Projects Business”.

During the hearing, the National Accountability Bureau (NAB) prosecutor, requested the court to extend the physical remand of the accused to complete investigation and made further recoveries. The defence counsel, Imran Shafiqu, while objecting to the NAB’s request, prayed before the court to reject the bureau’s request of extending remand of his client.

The court, after hearing arguments of both the parties, extended physical remand of the accused for another 14 days. The NAB Rawalpindi on April 2 had arrested Chaudhry, in case of All Pakistan Projects Business scam.

The NAB Rawalpindi has initiated inquiries against two companies, including All Pakistan Projects Business and B4U. Prima facie both companies were running their businesses illegally and had no legal licensing to seek deposits from the general public. Their activities are prohibited and restricted as per prevailing laws of the country.

The Securities and Exchange Commission of Pakistan (SECP) has already warned the general public against investing in “All Pakistan Projects Business”.

A statement issued by the SECP said that in view of various complaints and queries received about “All Pakistan Projects”, it has emerged that the entity is offering lucrative investment packages through its website.

The general public is being informed that All Pakistan Projects is not registered with the SECP. However, it has been noted that a few individuals, whose names are appearing on the website of the entity, are directors/members of the registered companies including All Pakistan Project and Real Estate (Private) Limited; AITS Traders (SMC-Private) Limited; All Pakistan Project Restaurants & Cafe (Private) Limited; and All Pakistan Project Riders (Private) Limited.

Copyright Business Recorder, 2021