NAB takes custody of accused MNM Motorcycles (Pvt) Ltd scam

LAHORE: National Accountability Bureau (NAB) Lahore, took custody of accused Irfan Bashir, stockist in M/s MNM Motorcycles Private Limited Scam which is a commission based Private Company.

According to NAB spokesman, the accused was allegedly involved in cheating and defrauding general public at large by luring them in the wake of providing motorbikes within 45 days after making an investment of Rs 25,000 only. The grounds which caused his arrest, reveal that the accused Irfan Bashir was working as Stockist in Pakpattan area for MNM Motorcycle Scam.

Owner of said scam accused Ahmed Sayal got registered his  Multi-level Marketing (MLM) Firm with Securities Exchange  Commissions of Pakistan (SECP) in 2017 and launched his business of Import and Export of spare parts, only whereas, later the accused in connivance with other co-accused launched a company named M/s Munafa Network Marketing (MNM) Pvt Company and began to receive hefty amounts in the wake of providing motorcycles after receiving Rs 25,000 cash for promising delivery of Bikes within 45 days.

Meanwhile, hundreds of offices were opened in different cities like Multan, Faisalabad, Sheikhupura, Sargodha, Layyah, Sahiwal, Jhang, Thatha, Pakpattan and Chichawatni etc. accordingly, where hundreds of agents were collecting billions of rupees from general public just for their own commission worth Rs 3000/- per bike or so.

Initially, the owners of M/s MNM Private Company distributed around 20,000 motorbikes only as confidence building move under objective to attract more investments and investors, too. 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.

The NAB Lahore has, so far, arrested four accused involved in the scam including accused Irfan Bashir. The NAB investigation officials will seek 14 days Physical Remand of the accused Irfan bashir by producing him before an Accountability Court, tomorrow, in which further revelations are expected to be made.