ISLAMABAD - National Accountability Bureau (NAB) Rawalpindi on Tuesday arrested Abdul Waheed Jan, CEO M/s AWJ Securities Pvt Ltd, on charges of corrupt practices and cheating public at large for the purpose of sale and purchase of shares in stock exchange.

According to the Bureau, Securities and Exchange Commission of Pakistan (SECP) referred this matter to Chairman NAB with the allegation that various complaints have been received against M/s AWJ Securities Pvt Ltd that this company has defrauded public at large and misappropriated their hard earned money. During the inquiry, it revealed that the accused persons namely Abdul Waheed Jan, CEO of said company received more than Rs300 million from public at large in the name of investment in securities. So far complaints of 246 claimants / affectees have been received through PSX with total claim of Rs412.588 million.

The NAB said the analysis of record received from the Central Depository Company (CDC), SECP & PSX with the statements of claimants revealed that AWJ Securities Pvt Ltd used to provide fake statements and involved in un-authorised trading which ultimately deprived clients/ share holders of their hard earned money. They were also involved in taking overdraft limits from different banks by pledging shares of their clients and used the finances for their personal use. The bank record also shows huge number of cash transaction both in deposits and withdrawals which is against the permissible limit.

It further said that sufficient incriminating material is available on record that Abdul Waheed Jan in connivance with his son Hassan Waheed, Director defrauded the innocent people by luring them for huge profit against their investment and involved in criminal breach of trust by issuing fake statements to the clients. Both accused persons in connivance with each others have committed the offence of cheating public at large and misappropriated their amounts.