Accountability court docket extends judicial remand of accused in bike rip-off

KARACHI: An accountability court docket listening to MNM bike scandal prolonged judicial remand of 20 accused for 14 days, ARY Information reported on Monday.

The court docket ordered manufacturing of the accused within the subsequent listening to of the case on August 05.

Investigation officer of the Nationwide Accountability Bureau (NAB) submitted its report within the court docket.

NAB prosecutor knowledgeable the court docket that the bureau has arrested 68 accused within the mega scandal up to now. The accused had been working as stockists, which helped to plunder billions of rupees public cash.

The accused had been charged of helping essential accused Muhammad Ahmed Sial to plunder billions of rupees from common public.

NAB had filed a corruption reference in opposition to accused in a case of Rs11 billion rip-off of bikes.

In keeping with the accountability bureau, M/s MNM (Pvt) Ltd CEO Muhammad Ahmed Sial together with others disadvantaged greater than 11,000 individuals of their hard-earned cash on the promise of offering them new bikes (every in opposition to Rs25,000).

It stated prime accused Muhammad Ahmad Sial received MNM (Pvt) Ltd registered with the Securities & Trade Fee of Pakistan (SECP) in February 2017. The corporate was really authorised to do the enterprise of import and export of bikes’ spare elements. Afterwards it violated its memorandum clause and began gathering enormous investments dishonestly by promising sale of bikes and misappropriated greater than Rs10 billion.

The SECP referred a grievance to the NAB Lahore in August 2017. Through the course of investigation it was revealed that the accused expanded enterprise nationwide by means of hiring of greater than 271 stockists.

The NAB stated it hooked up all identified properties and financial institution accounts of the accused and a complete of 39 suspects had been arrested.

Greater than 11,000 affected individuals approached the NAB Lahore with their claims amounting to Rs17 billion. Amongst them verified claims turned out to be Rs10.7bn.

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