LAHORE: The National Accountability Bureau Lahore has arrested ‘principal accused’ in Rs80 million fraud case of a brokerage house.

A NAB team on Tuesday arrested Ali Usman Chaudhry, chief executive of Ali Usman Securities, in a raid.

NAB, in the same case, has already arrested two of its directors -- Qasim Zia, former Pakistan Hockey Federation president and ex-head of PPP Punjab and Usman Saeed. The bureau said the accused running a stock brokerage firm in Lahore Stock Exchange sold out public shares without authorisation and utilised the money for their personal gains.

“The accused persons have committed offence of cheating public at large and criminal breach of trust,” a NAB spokesman said, adding Ali Usman Chaudhry would be produced before the accountability court for physical remand on Wednesday (today).

Both Qasim Zia and Usman Saeed are on a 10-day physical remand.

He said the NAB Lahore had received 82 claims against the accused which would be dealt with according to the law.

FIA: The Federal Investigation Agency on Tuesday raided a factory and recovered fake cables. The team raided A-One Factory at Saggian and recovered the fake cables. A case has been registered.

Published in Dawn, August 12th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...