PESHAWAR/ISLAM­ABAD: The National Accoun­tability Bureau (NAB) has frozen Rs1.5 billion worth of assets of a foreign exchange company and its owner accused of cheating people in the name of Islamic investment.

NAB’s Khyber Pakhtun­khwa director general ordered freezing of the assets of Afzal Khaliq alias ‘Double Shah’ of Mardan, the owner of the AK Forex, Wah Cantonment.

During remand, the accused had revealed that he owned in his own and one Mohammad Naveed Akhtar’s name the Edible Oil Extraction Company, Bahawalpur, on 120 kanals of land; 31 kanals and 12 marlas in Rawalpindi and Taxila; 795 kanals and one marla in Rajanpur and 57 kanals and 14 marlas in Sialkot. The accused is currently in Peshawar Central Jail.  

The bureau had placed his name on the Exit Control List and he was held on June 14 last year at the Lahore airport.

A NAB spokesman said the accused had told investigators that he had handed over billions of rupees to Sibtul Hasan (known as Double Shah of Punjab), who has also been arrested in a scam, and his son Wajidul Hasan in a Modaraba business.

Published in Dawn February 17th , 2015

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