PESHAWAR, Jan 28: People affected by the Forex Services International scam have demanded return of their money from the management of the company. Speaking at a news conference on Tuesday, Ziauddin But, Nawaz Ahmad, Mazullah Khan, Faisal and other affectees said retired government employees and widows had deposited their savings with the company who offered to pay 3.50 per cent profit on deposits.

They said 171 people had deposited about Rs70 million in the portfolio account and another 12 had deposited Rs30 million in the trade account. They said the company operated till Oct 4, 2003 and closed down its Peshawar offices thereafter. They said they were informed that the company had shifted to Islamabad.

They said the depositors went to Islamabad and met the manager of the Islamabad branch, Ghulam Sarwar Cheema, a former federal minister. They said Mr Cheema informed them that the Security and Exchange Commission of Pakistan had moved the Lahore High Court against the company and the court had frozen all its assets and accounts.

They said the company management offered them cheques in advance dates but they were not satisfied and did not receive cheques. The court, they said, subsequently directed the SECP to collect details about their claims and help recover their deposits from the company.

They said the affectees deposited their claims with the company registrar but to no avail. They urged President Gen Pervez Musharraf to help recover their hard-earned money from the company management and demanded action against it.