January 10, 2006	Tuesday	Zilhaj 9, 1426

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ISLAMABAD, Jan 9: The affected investors of a major financial scam involving a private company, which has been declared default by the Islamabad Stock Exchange, have asked the president and prime minister to order investigation into the fraud that deprived many of their hard-earned money.

“Management of Mega Security has disappeared with more than Rs70 million of investors’ money mostly senior citizens and civil and military pensioners,” said a representative of the investors.

Mega Security was declared default by Islamabad Stock Exchange and Karachi and was shut down. So far the firm’s assets are estimated to be around Rs30 million, the representative said.

“All the investors are extremely concerned,” he said, adding that, “we have written to the president and the prime minister about the fraud so that the accused management be handed over to NAB or directly dealt with in a terrorist court”.

The investors have demanded immediate freezing of assets of Mega Security and sought detailed interrogation of the management by an appropriate government agency. They also demanded that default committee be directed to complete the task allotted to them by Islamabad Stock Exchange.

According to Default Management Committee secretary, Mr Niazi, Mega Security was declared default on December 6.

“Their membership with the Stock Exchange and their office and other assets will be sold to recover at least 50 per cent of the investors’ money. The board will decide how to recover the remaining amount by either filing recovery suit or taking the matter to the National Accountability Bureau (NAB),” Mr Niazi said.

Responding to a question whether Mega Security management had disappeared with all the investors money, Mr Niazi said: “The management had been called to attend meetings but they never turned up.”