Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
KSE: Manipulation of share trading unearthed: one held
08-30-2009, 05:19 AM
Post: #1
KSE: Manipulation of share trading unearthed: one held
AAMIR MAJEED
KARACHI (August 30 2009): Sindh Police on Saturday unearthed the manipulation of share trading in Karachi Stock Exchange (KSE) by unscrupulous elements on fake bank accounts and arrested a person allegedly involved in trading to the brokers. During investigations, the arrested person disclosed that he hurt the small investors during share trading in KSE by providing bulk of shares achieved through fake bank accounts to support large investors for over-subscription of their company in the market.

In a statement to police, the arrested person disclosed that he was doing this business for years and providing assistance to the brokers to buy shares for over-subscription. Talking to Business Recorder before press briefing SP North Nazimabad Nasir Qureshi said in pre-dawn routine patrolling, Taimuria police arrested a suspected person namely Muhammad Hussain at Peoples Chowrangi.

"During inspection of his luggage, the police recovered more than 3000 coloured copies of National Identity Cards (NIC), 19 chequebooks of different private banks, stamps and thousands of application forms of different companies," the SP said.

Qureshi said "the accused disclosed that he was working for stockbrokers including Abba Ali Habib, Zahid Ali Habib, Munir Khanani, and Salman Services and purchased shares for new companies on fake NIC copies." The SP said "the arrested person disclosed that more than 150 such agents are working in the market for providing shares to the brokers for over-subscription of shares of new companies during trading in KSE."

"The police would widen the circle of this investigation and would call bank managers of National Bank Pakistan, Habib Metropolitan Bank, The Bank of Punjab, KASB Bank and Picic Commercial Bank for issuing bank accounts on fake NIC copies, he said and added that the police would also take assistance from Federal Investigation Agency (FIA)."

He added the accused said since years he had provided shares of billion of rupees, which were purchased through fake bank accounts. "The police have taken the services of National Database and Registration Authority (Nadra) for verification of identity of bank account holders, which were opened through the same pattern," he said. The SP said that the arrested person also revealed that he received bulk of NIC copies from Photostat operators and colour copiers of NIC from different parts of the province.

http://www.brecorder.com/index.php?id=954768
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading LRE-Azan 0 1,039 01-25-2024 03:32 PM
Last Post: LRE-Azan
  ARY Laguna groundbreaking ceremony held at DHA Gujranwala LRE-Azan 0 519 09-11-2023 01:06 PM
Last Post: LRE-Azan
  Bahria Town Karachi 2 Balloting to be Held on April 14 LRE-Azan 0 889 04-13-2023 05:53 PM
Last Post: LRE-Azan
  Islamabad: Open Court Held by Chairman CDA in E-11 LRE-Azan 0 1,528 11-08-2021 08:09 PM
Last Post: LRE-Azan
  FBR receives details of property held by Pakistanis in UK LRE-Azan 0 4,035 07-18-2018 04:07 PM
Last Post: LRE-Azan
  DHA Fairways Commercial Plazas Ceremoney held Salman 0 4,461 07-24-2017 03:21 PM
Last Post: Salman
  Lahore DHA Phase 9 Ballot To Be Held On May 15 2015. Salman 0 9,415 05-01-2015 03:24 PM
Last Post: Salman
  DHA Karachi – Ground-breaking Ceremony Held In Sector E, Phase 8 Salman 0 4,787 02-04-2014 02:06 PM
Last Post: Salman
  Prime Minister's low-cost housing scheme: 25 percent share for non-gazetted employees Salman 0 7,343 01-02-2014 01:33 PM
Last Post: Salman
  LDA Going To Held Plot Auction Salman 0 7,957 09-25-2013 12:24 PM
Last Post: Salman
  Irregularities Unearthed In CDA’s Accounts Salman 0 7,028 09-04-2013 08:38 PM
Last Post: Salman
  Billions of rupees irregularities unearthed in allotment of CDA plots Salman 0 8,771 09-02-2013 12:50 PM
Last Post: Salman
  Balloting of flats for labourers held Salman 0 6,182 04-27-2012 01:03 PM
Last Post: Salman
  Pak 2nd trading partner of Lanka in SAARC region Salman 0 3,793 12-26-2011 11:52 AM
Last Post: Salman
  Mass transit project needs NBP share Lahore_Real_Estate 0 3,370 10-05-2011 01:24 PM
Last Post: Lahore_Real_Estate
  Pakistan doing more than its share: Hina Lahore_Real_Estate 0 2,824 10-03-2011 03:05 PM
Last Post: Lahore_Real_Estate
  100 property tax defaulters held Lahore_Real_Estate 0 3,689 06-28-2011 03:15 PM
Last Post: Lahore_Real_Estate
  Provinces to get Rs 260.078bn additional share under 7th NFC Award in 2011-12 Lahore_Real_Estate 0 4,335 06-04-2011 12:42 PM
Last Post: Lahore_Real_Estate
  Seminar on World Autism Day held Lahore_Real_Estate 0 3,546 04-02-2011 12:18 PM
Last Post: Lahore_Real_Estate
  Film festival held to raise awareness about violence against women Lahore_Real_Estate 0 4,366 03-04-2011 05:12 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)