LAHORE, Jan 16: The National Accountability Bureau (NAB), Punjab, has arrested main accused of forex scam. A NAB spokesman said Zakaullah Khan Sherwani, resident of Khan Colony, LMQ Road, Multan, was the main man behind the entire show of Bulls & Bears (Pvt) Limited and used to settle all financial transactions, maintain all accounts and look after investments of the company.

He involved himself through Bulls & Bears (Pvt) Limited in the business of unauthorized forex and future trading, which had been declared illegal by the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan.

The spokesman said that Zaka was the direct beneficiary of funds worth millions of rupees that he directly received through his bank accounts.

He purchased fixed deposit certificates of Rs 30 million and encashed them illegally. He also opened an account with a bank in Lahore with a transfer balance of Rs 23 million from the account of Shahid Hassan Awan, Bulls & Bears director.

Through this account, he further received an amount of Rs 750,000 from the savings account of Awan, the spokesman said, adding that the accused also received Rs 5 million from Awan’s father.

The entire amount was withdrawn by the accused within two days and turnover of his Lahore account was Rs 96,585,447.50, which was unjustified.

The accused cheated public at large and embezzled earnings of hundreds of families. The accountability court remanded him for 15 days.—APP