One arrested on cheating public at large

ISLAMABAD:National Accountability Bureau (NAB) on Wednesday arrested an accused Major (Retd) Atif Qayyum on charges of cheating at large by luring general public to invest in his so called gold business.

It has been alleged that Atif Qayyum was involved in Gold Trading Scam through taking money from public as investment/loan to be invested in daily trade of physical gold through different trading companies. As per details issued here, the accused promised good profit (6 to 7 per cent approx) on monthly/five weeks cycles basis to affectees. He also ensured investors that trade would be conducted according to Shariah basis and at any given end-of-trade; physical gold in form of gold bricks would be transferred to Atif’s Vault, being maintained by trading companies. During inquiry, it has revealed that Major (Retd) Atif did not have any such business neither the earning of such lucrative profits as he committed to investors and cheated people at large. Director General NAB Rawalpindi has said that the Bureau is determined and committed to eradicating corruption from the country. He said NAB was making all out efforts to recover looted money from corrupt elements. However, this practice to invest in unauthorized schemes should be checked timely through proper awareness.