LAHORE: The federal government is likely to place the name of Mazhar Rafique, the owner of the Lahore-based M.R. Securities brokerage house, on the Exit Control List (ECL) for his alleged involvement in fraud with several shareholders.

Sources privy to the development told Dawn that the Pakistan Stock Exchange’s management had forwarded a request to the interior ministry for placing Mr Rafique’s name on the ECL after the Securities and Exchange Commission of Pakistan (SECP) began investigation into the scandal.

Read: PSX rocked by Rs7bn scam, authorities vow decisive action

A day earlier, the SECP officials had seized all back-office data of the brokerage house in Lahore. Record was also seized from its branch offices in Sahiwal, Multan and other cities to determine the number of affectees and the amount involved.

Mr Rafique had reportedly disappeared several days ago with the investors’ cash and shares worth millions of rupees and the investigation team had yet to interrogate him.

Talking to Dawn earlier from an undisclosed place, he had contended that some “audit anomalies” had been found in his firm’s accounts ahead of takeover of PSX by the new Chinese management leading to reports of fraud and SECP investigations.

Published in Dawn, February 10th, 2017