Judicial remand of fraud accused extended: LAHORE: An accountability court on Thursday prolonged judicial remand of all accused in multi billion MNM motorbike fraud by May 20.
The NAB had actually submitted a recommendation against greater than 30 charged in the rip-off. In this situation, the accused are allegedly involved in dishonesty and also ripping off the public by assuring them shipment of motorbikes within 45 days after making a financial investment of Rs 25,000.
The accused made use of to gather all cash purportedly from innocent individuals by promising them bikes on investing Rs25,000 only.
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The major charged, Ahmed Sial, obtained registered his Multi-Level Advertising and marketing (MLM) company with the Stocks Exchange Commissions of Pakistan (SECP) in 2017 as well as started his business of import and export of extra parts, afterwards the charged in connivance with other co-accused launched a company called M/s Munafa Network Marketing (Pvt) and started getting large quantities from individuals with the guarantee of supplying them with motorbikes within 45 days.
The SECP referred the case of betrayal to the FIA, whereas, the case was later on transferred to the NAB Lahore in September 2017 keeping in view the size of the embezzlement.