08-30-2009, 05:19 AM
AAMIR MAJEED
KARACHI (August 30 2009): Sindh Police on Saturday unearthed the manipulation of share trading in Karachi Stock Exchange (KSE) by unscrupulous elements on fake bank accounts and arrested a person allegedly involved in trading to the brokers. During investigations, the arrested person disclosed that he hurt the small investors during share trading in KSE by providing bulk of shares achieved through fake bank accounts to support large investors for over-subscription of their company in the market.
In a statement to police, the arrested person disclosed that he was doing this business for years and providing assistance to the brokers to buy shares for over-subscription. Talking to Business Recorder before press briefing SP North Nazimabad Nasir Qureshi said in pre-dawn routine patrolling, Taimuria police arrested a suspected person namely Muhammad Hussain at Peoples Chowrangi.
"During inspection of his luggage, the police recovered more than 3000 coloured copies of National Identity Cards (NIC), 19 chequebooks of different private banks, stamps and thousands of application forms of different companies," the SP said.
Qureshi said "the accused disclosed that he was working for stockbrokers including Abba Ali Habib, Zahid Ali Habib, Munir Khanani, and Salman Services and purchased shares for new companies on fake NIC copies." The SP said "the arrested person disclosed that more than 150 such agents are working in the market for providing shares to the brokers for over-subscription of shares of new companies during trading in KSE."
"The police would widen the circle of this investigation and would call bank managers of National Bank Pakistan, Habib Metropolitan Bank, The Bank of Punjab, KASB Bank and Picic Commercial Bank for issuing bank accounts on fake NIC copies, he said and added that the police would also take assistance from Federal Investigation Agency (FIA)."
He added the accused said since years he had provided shares of billion of rupees, which were purchased through fake bank accounts. "The police have taken the services of National Database and Registration Authority (Nadra) for verification of identity of bank account holders, which were opened through the same pattern," he said. The SP said that the arrested person also revealed that he received bulk of NIC copies from Photostat operators and colour copiers of NIC from different parts of the province.
http://www.brecorder.com/index.php?id=954768
KARACHI (August 30 2009): Sindh Police on Saturday unearthed the manipulation of share trading in Karachi Stock Exchange (KSE) by unscrupulous elements on fake bank accounts and arrested a person allegedly involved in trading to the brokers. During investigations, the arrested person disclosed that he hurt the small investors during share trading in KSE by providing bulk of shares achieved through fake bank accounts to support large investors for over-subscription of their company in the market.
In a statement to police, the arrested person disclosed that he was doing this business for years and providing assistance to the brokers to buy shares for over-subscription. Talking to Business Recorder before press briefing SP North Nazimabad Nasir Qureshi said in pre-dawn routine patrolling, Taimuria police arrested a suspected person namely Muhammad Hussain at Peoples Chowrangi.
"During inspection of his luggage, the police recovered more than 3000 coloured copies of National Identity Cards (NIC), 19 chequebooks of different private banks, stamps and thousands of application forms of different companies," the SP said.
Qureshi said "the accused disclosed that he was working for stockbrokers including Abba Ali Habib, Zahid Ali Habib, Munir Khanani, and Salman Services and purchased shares for new companies on fake NIC copies." The SP said "the arrested person disclosed that more than 150 such agents are working in the market for providing shares to the brokers for over-subscription of shares of new companies during trading in KSE."
"The police would widen the circle of this investigation and would call bank managers of National Bank Pakistan, Habib Metropolitan Bank, The Bank of Punjab, KASB Bank and Picic Commercial Bank for issuing bank accounts on fake NIC copies, he said and added that the police would also take assistance from Federal Investigation Agency (FIA)."
He added the accused said since years he had provided shares of billion of rupees, which were purchased through fake bank accounts. "The police have taken the services of National Database and Registration Authority (Nadra) for verification of identity of bank account holders, which were opened through the same pattern," he said. The SP said that the arrested person also revealed that he received bulk of NIC copies from Photostat operators and colour copiers of NIC from different parts of the province.
http://www.brecorder.com/index.php?id=954768