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| June 26, 2005 | Sunday | Jumadi-ul-Awwal 18, 1426 |
NAB ‘slow but steady’ in forex scam proceedings
LAHORE, June 25: The NAB’s provincial investigation director, Brig Manzoor Abbasi, has said foreign exchange scam suspects are being proceeded against as some cases have been filed against forex companies with accountability courts. Talking to journalists at a cheque-distribution ceremony for cooperative scandal victims at Chamba House here on Saturday, Brig Abbasi said there were 52 forex companies in the province and to investigate them simultaneously was a difficult task.
Besides, he said, the recovery of the plundered amount from such companies was further complicated by the fact that in most cases they had already transferred wealth out of the country.
However, he observed that the NAB had been carrying out systematic probes by first laying hands on big companies. “We also provided the option of voluntary repayment, which has been availed by some of the smaller forex firms.”
He said those who had not made repayments would eventually be made to return the amounts to the affected people, but it would take time. “We have to adopt a legal procedure.”
Answering a question about checking corruption at the lower level, he said the NAB had already set up its offices in Multan and Faisalabad. Its operation would be expanded to the district level, he added.
DISBURSEMENT: The NAB on Saturday disbursed Rs191.7 million among 1,459 victims of cooperatives’ scam.
Eminent literati Bano Qudsia, who was the chief guest, said lust for money and power were the basic motives behind such scandals. She said financial scams took place in societies where wealth, palatial houses and costly vehicles become a status symbol and those with these possessions were respected without realising the source of income.
She underlined the need to promote moral values in society and discourage materialism, which led to corruption. She lauded the services rendered by the accountability bureau in recovering the people’s wealth.
Earlier, Punjab Cooperative Board for Liquidation chairman Farooq Maan said the NAB in Punjab had been making repayments to about 1,500 to 2,000 affected people every month.
—APP
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