Not long after the FOREX scandal came to light, Pakistan Today has learnt that Gujranwala-based firm YS Securities and Services Private Limited, was involved in embezzling almost Rs 4 billion from private investors.
The company, which had an office in the Trust Plaza, was owned by former Gobind Garh, Gujranwala nazim Zulsham Khan Shairwani and his partner Farooq Younus Khan.
The owners, after promising huge profits, took Rs 4 billion from private investors on the pretext of investing it on their behalf, before fleeing with the money.
The company, which was said to be involved in trading the shares of different companies, was registered with the Lahore Chamber of Commerce and Industry.
Shairwani and Khan had also devised a system of issuing fake account statements to their clients that reported large account balances.
Sikandar Iqbal, a victim of the investment scheme, told Pakistan Today that he had given Shairwani and Khan Rs 3 crores and 70 lacs three months ago and had opened an account with their company.
He said he was issued an account statement that confirmed his investment and the transparency of the investment scheme.
Iqbal said he trusted Shairwani because of his political background.
He added that he had filed a First Information Report against Shairwani and Khan in the Model Town police station in a bid to recover his money.
Zulfiqar Ali, another victim, while talking to Pakistan Today said: “I deposited the money I inherited, which amounted to Rs 2 crores and 2 lacs with YS Securities and Services.”
He said the firm’s owners had swindled him and many others as they were taken in by the political past of Shairwani as well as the account statements issued to the investors. He alleged that Shairwani and Khan sold the investors’ shares within half an hour on 10th April.
Naseem, a neighbour of one of the culprits, told Pakistan Today that although Shairwani was social, the neighbours found his family to be mysterious.
He said Shairwani’s sister had committed suicide last month without any apparent reason. However, the neighbours suspected that she had been killed for her inheritance.
Sources told Pakistan Today that Shairwani had fled to Canada along with his accomplices and that the NAB has started investigating the case. Model Town Station House Officer Nawaz Sial said a report had been filed and that the police was digging deep into the matter to bring the culprits to justice.
He stated that the criminals will not be allowed to get away with the crime.
