LAHORE – Federal Investigation Agency (FIA) has begun an informal probe into financial embezzlement of over Rs 24 million that recently occurred at the Lahore Stock Exchange (LSE). Sources revealed that a FIA team visited the bourse to collect evidence.
Sources claimed that the FIA has also included LSE Company Secretary Waseem Baig in the investigation process. However, LSE Managing Director Aftab Ahmed Chaudhry denied the event transpired by stating that he was unaware of any visit by a FIA team. He said that the LSE management had filed a petition in the FIA, lodging a FIR against the previous MD and Chief Financial Officer for alleged financial embezzlement of Rs 24 million.
He stressed that the LSE management was complainant in the case and it would be glad to provide assistance to FIA officials. He disclosed that the LSE management filed a petition in FIA to register a FIR on October 21, but is still waiting for a response from FIA and was attempting to conduct initial investigations before lodging an FIR.
Speaking to Pakistan Today, he said initial estimates indicated that some Rs 24 million had been embezzled from the bourse during the tenure of the previous MD, of which two installments of Rs 8.0 million and Rs 5.2 million had been received, while the rest is still not recovered.
It is worth mentioning that former LSE MD Mian Shakeel Aslam had to resign from his position on the allegations of misappropriation of funds in June last year. He was appointed as general manager in bourse some five years ago and later promoted for the position of managing director. His tenure of over three years was marred by controversy with a number of protests being witnessed by LSE employees against Aslam.
