LAHORE, Sept 5 Those affected by Zarco Exchange scam may get their money back within 60 days and the individuals will be given priority while making payments.

The officials of Federal Investigation Agency (FIA), State Bank of Pakistan (SBP) and Security Exchange Commission of Pakistan (SECP) proposed on Saturday that payments to the affected individuals should be made within 30 days and to the booth centres and franchises in the following 30 days.

The meeting, attended by Federal Investigation Agency, State Bank of Pakistan, Security Exchange Commission of Pakistan and Zarco officials, was held at FIA provincial headquarters with its Director-General Tariq Masood Khosa in the chair.

The Lahore High Court on Sept 1 had directed FIA, SBP, SECP and Zarco to formulate a schedule for making payments to those affected by the scam, failing which the LHC would decide in this regard. Earlier, it was proposed to the court that a committee comprising officials of FIA, SBP, SECP and Foreign Exchange Association should be constituted to finalise the payment schedule.

A source in the agency said some 45 individuals had submitted their claims with the FIA, while there were total 75 affected payment booths and franchises so far claiming Rs55million and Rs90 million, respectively.

“We can easily make the payments to the affected after selling the company's assets here and abroad, provided the Zarco representative agreed to it” he said. “We hope Zarco representative will have no objection to the proposal.”

The Zarco scam was unearthed last Feb, and the FIA registered a case against the company. “Despite registration of a case and warning from the agency, Zarco continued making illegal transactions,” an official said.

He said the company had transferred 67 billion abroad and Rs35 billion did not reach here through illegal hawala and hundi business during 2004 and 2009. Zarco had become the second foreign exchange company of the country after Khanani and Kalia that had committed a fraud to the tune of over Rs100 billion in hawala and hundi business.

The FIA would submit a payment schedule to the LHC on Sept 8.