Lahore: NAB files Rs 22 million reference against forex company

[Naveed Yaseen]

* Owner of Chase Gold International missing after investigations prove he misappropriated amount

LAHORE: The National Accountability Bureau (NAB) has filed a reference on Friday against Muhammad Mansoor Khan, owner of Chase Gold International, for misappropriating Rs 22 million.

The reference states that an inquiry against Chase Gold International was sanctioned on receipt of complaint regarding fraud and cheating the public. Publications were made in local newspapers, inviting public claims against Chase Gold International. Resultantly, 32 claims worth Rs 22 million were received and an investigation was authorised by NAB against Chase Gold International in December 2007.

The investigation proved that Muhammad Mansoor Khan set up an illegal Forex business called Chase Gold International in January 2003, and opened an office at 17, Bridge Colony near Sherpao Bridge without registering it with any government regulatory authority. He encouraged the public to invest their money in foreign currency, promising monthly profits of five percent to 10 percent. He collected Rs 22 million from January 2003 to September 2003, and misappropriated the funds. The company did not maintain any records of the money deposited and an audit of the business had never been carried out.

After evidence was made available against Muhammad Mansoor Khan, he failed to join an inquiry and seems to have absconded.

http://www.dailytimes.com.pk/default.asp...009_pg13_2