LHC CJ summons FIA DG, SECP director on 26th

LAHORE: Lahore High Court (LHC) Chief Justice (CJ) Khawaja Muhammad Sharif, taking suo motu notice of alleged fraud by the ZARCO Exchange Company, has summoned the Federal Investigation Agency (FIA) director general (DG) and the Securities and Exchange Commission of Pakistan (SECP) director for August 26.

The CJ observed that swindling the people at massive scale was a serious matter.

It was also reported in various newspapers that a large number of people and ZARCO franchises had been swindled and deprived of their assets, the CJ remarked. The CJ directed the Islamabad FIA DG, the deputy attorney general (DAG) and the Punjab advocate general to appear on August 26 before a division bench consisting of himself and Justice Ijaz Ahmad Chaudhry.

The CJ also directed the DAG to ensure the presence of SECP director and also an officer familiar with the matter from the State Bank of Pakistan.

The CJ took notice of applications moved by several victims, pleading that they had sent money abroad through ZARCO, but payment could not be made so far.

Bashir Ahmad complained that he sent $3,000 (Rs 2,48,100) to his son in France, but the money was not paid to him.

Umar Usman lost Rs 530,000; Awais Ali, Rs 300,000; Usman Arshad, Rs 4,200,000; Dr Karam Elahi Durrani, Rs 478,664; Khawaja Muhammad Iqbal, Rs 700,000; Chaudhry Umar Hayat, Rs 96,340; Zubair Ijaz, Rs 1,362,395; Muhammad Shakeel, Rs 676,000; Dr Asif Masood Rana, Rs 702,525; Imran Ali, Rs 578,920; Muhammad Jamil Raza, Rs 1,170,000; and Naeem Ashraf, Rs 169,977.