LAHORE, Feb 11: The Punjab chapter of the National Accountability Bureau has arrested Kashif Iqbal, business partner of M/s SKAF International, Lahore, on charges of fraud, misappropriation and cheating public.

According to a NAB press release, M/s SKAF International was involved in illegal forex business in 2003. Kashif along with three business partners fraudulently induced public at large to invest their money on false promises of profit up to four per cent to five per cent per month. They cheated 68 people, obtained deposits from them and misappropriated an amount of Rs29.308 million.

A reference against the accused had already been filed with the accountability court in 2007. After arrest, Kashif was produced in the accountability court and sent to judicial lockup. —APP