LAHORE: The Lahore High Court (LHC) directed on Thursday the National Accountability Bureau (NAB) to complete investigations into MR Securities brokerage house fraud case in four months.

LHC Chief Justice Syed Mansoor Ali Shah passed these directions while hearing a petition by Fraz Ahmad.

Earlier, the petitioner’s counsel submitted the MR Securities chief executive defrauded 670 citizens and fled to England with their cash. He alleged that Securities and Exchange Commission of Pakistan (SECP) was bound to issue licenses to limited companies only but it had also issued licences to individuals against the law. He said that many such companies had disappeared during the 2016 with cash of their investors.

However, the SECP counsel apprised the court that the commission was looking into the case and had forwarded it to NAB that was also investigating into the matter.

He said that Rs275 million had been given to the affected people after recovery whereas Rs550 million assets had been taken into custody in connection with the case.

The NAB counsel submitted that the investigations were in progress and statements of more than 200 people had been recorded.

The court directed NAB to complete investigations in four months and also sought a detailed report of the case on next hearing.

The court also directed authorities to record statements of other affected people.

Published in Dawn, July 7th, 2017