KARACHI: A former employee of a public limited company was arrested on Wednesday on charges of ‘start-up fraud’, officials said.

The Darakhshan police registered an FIR (181/16) on a complaint of an official of AMZ MAK Capital Ltd against five persons. One of them has been arrested, said Karachi-South DIG Munir Ahmed Shaikh.

The case has been registered against them under Sections 381 (theft by clerk or servant or property in possession of master), 408 (criminal breach of trust by clerk or servant), 403 (dishonest misappropriation of property), 418 (cheating with knowledge that wrongful loss may ensue to person whose interest offender is bound to protect), 483 (counterfeiting a trademark or property mark used by another) and 34 (common intention) of the Pakistan Penal Code.

Darakhshan SHO Rana Amjad told Dawn thatAMZ MAK Capital Limited had given a task of developing a ‘investor social media platform’ to its employee, identified as Baqar Abbas Jafri. Mr Jafri hired services of four other persons.

Around Rs14 million was spent and after the product was developed, Mr Jafri had allegedly demanded 40 per cent of its earning, over which he was fired by the company.

The officer said that as per charges of the company, Mr Jafri took the ‘source code’ with and allegedly launched the same website which was stated to be the idea and property of AMZ MAK Capital. The police were investigating the case.

Published in Dawn, June 2nd, 2016