Double Shah-like scam defrauds people of millions

May 10, 2019

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DERA GHAZI KHAN: ‘Investors’ loot goods from a showroom of the ‘Speedo Bike’ here. — Dawn
DERA GHAZI KHAN: ‘Investors’ loot goods from a showroom of the ‘Speedo Bike’ here. — Dawn

DERA GHAZI KHAN: A financial scam like that of ‘Double Shah scheme’ has surfaced in Dera Ghazi Khan wherein the people have been defrauded of millions of rupees in the name of investment whose amount could be doubled within six months.

The police have received 256 complaints so far against the owners of ‘Speedo Bike,’ an investment scheme launched by three brothers belonging to Dunyapur. They were identified as Akram, Aslam and Karman. In the scheme, one could book a motorcycle months before its delivery or invest Rs100,000 in the scheme to get the amount doubled after six months.

The ‘Speedo Bike’ was launched at least a year back. The people from all walks of life invested in the scheme to get the double profit. The suspects had two showrooms in the city where, besides motorcycles, they used to sell other electrical and home appliances like refrigerators, washing machines, TV sets etc on installments.

256 affectees of ‘Speedo Bike’ scheme have approached police so far

The suspects have reportedly fled after collecting heavy investment amounts by the members of the public. The news of their escape spread panic among the affected who gathered outside one of the showrooms of the scheme owners and looted it.

B Division Station House Officer Iftikhar Malkani told Dawn that some days back, the owners of the scheme were questioned on the directions of the Dera Ghazi Khan regional police officer (RPO) to take stock of the actual situation regarding the scheme. During the questioning, the suspects, who appeared along with their lawyers, assured the police about provision of the documents regarding the validity of the scheme. However, they escaped within days, which triggered the attack of the investors on the showroom of the allegedly illegal firm.

The police took several of the attackers in custody but released them after some time for registration of their complaints at the help desk, established on the directions of District Police Officer (DPO) Atif Nazir. The desk has received 256 complaints so far.

The exact number of the claimants is not known yet but the sources in the police said that investment in the fraud scheme varies from thousands of rupees to millions. The number of complaints is expected to rise in the coming days.

DPO Atif Nazir told Dawn that after completing registration of complaints, further legal procedure would be taken to provide the affectees with relief. No case has been registered against the three suspects yet.

This is second such financial scam in last two years in which cheap Chinese bikes were promised to investors. The NAB has so far filed reference against 39 people in the Munafa Network Marketing (MNM) fraud.

Published in Dawn, May 10th, 2019