NAB arrests culprit in MNM Motorcycles scam

LAHORE: The National Accountability Bureau (NAB) on Tuesday arrested Irfan Bashir who was allegedly involved in cheating and defrauding the general public by promising them the delivery of motorcycles within 45 days after making an investment of Rs 25,000.

The accused was working as a stockist in Pakpattan area for MNM Motorcycles. Ahmed Sayal, the owner of the said company, got his firm registered with the Securities Exchange Commissions of Pakistan (SECP) in 2017 and launched his business of import and export of spare parts. Later, he launched the said company and began to receive hefty amounts for the provision of motorcycles within 45 days. He opened hundreds of offices in different cities, including Multan, Faisalabad and Sheikhupura where hundreds of agents were collecting billions of rupees from the general public just for their own commission of Rs 3000 per bike.

Initially, the owners of the company distributed around 20,000 motorcycles as a confidence building move with the objective of attracting more investors.

SECP got hint of the deceitful act and referred the case to the Federal Investigation Agency (FIA) which later transferred the case to NAB in September 2017 by keeping in view the magnitude of the fraud.

NAB had arrested four accused involved in the scam, including Irfan Bashir.