GUJRANWALA April 10: Model Town police registered a case on Monday against the directors of a company registered with the Lahore Stock Exchange and the Karachi Stock Exchange after complaints of defaults on payments to investors.

The investors approached the police complaining that up to 14,000 people had invested up to Rs4 billion in the Y.S Securities and Services, one of the stock and bond brokers in Gujranwala.

The company directors, former union council nazim Zulsham Khan and his brothers Gulfam Khan and Farooq Khan, have disappeared after locking their office at Trust Plaza, Gujranwala.

Complainants said the directors, also known as Shervani’s, had got registered their company with Lahore and Karachi stock exchanges with its head office in Lahore. They lured investors through exorbitant returns and got up to Rs4 billion investments.

The company stopped payments to them two months ago. When they tried to reach them they found the company offices were locked and directors missing.

On Monday, over three dozens of the victims approached the police and got a fraud case registered against the company directors. They demanded that the federal government put Shervani’s on the exit control list.

Model Town Inspector Nawaz Sial told Dawn they would arrest the accused and recover the public money from them.

One of the victims has also lodged a complaint with the National Accountability Bureau.