Another accused in 'MNM motorcycle scam' held

National Accountability Bureau (NAB), Lahore has arrested accused Muhammad Waqas from Sargodha on the allegation of grabbing Rs 10.2 million as commission for booking around 5000 motorbikes being a Director for MNM motorcycle scam.
The accused is allegedly involved in cheating and defrauding general public at large by luring them in the wake of providing motorbikes on cheap investment worth Rs 25 thousand, whereas, the accused managed to book 5000 motorbikes and transferred hefty amounts in the accounts of management of MNM scam, a spokesman of the NAB, said.
During the course of investigations, it was revealed that the main accused Ahmed Sayal got registered his Multi-level Marketing (MLM) firm with Securities and Exchange Commission of Pakistan (SECP) in 2017 and started his business of import and export of motor bikes' spare parts, but afterward 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 Bike's delivery within 45 days, the spokesman said, adding: "Hundreds of offices were opened in different cities including Jhang, Bhakkar accordingly, where thousands of agents collected billions of rupees from public just for their own commission worth Rs 1000/- per bike."
Initially, the owners of M/S MNM private company distributed around 20,000 Motor Bikes 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 extended magnitude of embezzlement, the spokesman added.
NAB Lahore has so far arrested 26 culprits involved in this scam wherein, 17 accused were arrested from different ports of Punjab in a sting operation launched by NAB Intelligence team, last week. NAB investigation officials have taken physical remand of accused Muhammad Waqas till 13th June by producing him before an accountability court.