LAHORE: The National Accountability Bureau Lahore has arrested ‘principal accused’ in Rs80 million fraud case of a brokerage house.

A NAB team on Tuesday arrested Ali Usman Chaudhry, chief executive of Ali Usman Securities, in a raid.

NAB, in the same case, has already arrested two of its directors -- Qasim Zia, former Pakistan Hockey Federation president and ex-head of PPP Punjab and Usman Saeed. The bureau said the accused running a stock brokerage firm in Lahore Stock Exchange sold out public shares without authorisation and utilised the money for their personal gains.

“The accused persons have committed offence of cheating public at large and criminal breach of trust,” a NAB spokesman said, adding Ali Usman Chaudhry would be produced before the accountability court for physical remand on Wednesday (today).

Both Qasim Zia and Usman Saeed are on a 10-day physical remand.

He said the NAB Lahore had received 82 claims against the accused which would be dealt with according to the law.

FIA: The Federal Investigation Agency on Tuesday raided a factory and recovered fake cables. The team raided A-One Factory at Saggian and recovered the fake cables. A case has been registered.

Published in Dawn, August 12th, 2015

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