Forex scam victims get payment today

Published August 25, 2006

LAHORE, Aug 24: National Accountability Bureau director general Air Vice-Marshal Tahir Rafique will distribute more than Rs100 million recovered from a forex company among its victims in Punjab at the Civil Officers Mess in GOR-1 here on Friday (today).

Shoaibullah Cheema and other directors of Forex Services International collected more than Rs185 million from 450 people in Punjab and the NWFP through International Stock Exchange on the promise of high profit. They misappropriated the money by acquiring properties in their own names. The NAB initiated an inquiry into the scam on receiving complaints and started recoveries by freezing and liquidating their assets.

The NAB distributed Rs50 million recovered from them among the victims from the NWFP on July 17. —Reporter