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Nine Chinese Bank Accounts In Karachi Have Been Frozen For Committing Rs 1.1B In Fraud

The Accountability Court of Karachi has granted permission to an anti-graft agency to request the freezing of nine bank accounts held by two Chinese firms and four individuals accused of defrauding the public of Rs1.1 billion through bogus investment schemes. Mukesh Kumar, Accountability Judge Court-IV, mentioned in his statement that in its order dated Nov. 2;

Block the suspect accounts operated by four Chinese individuals under the guises of two companies, Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd.

The SECP had complained to NAB that two companies, Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd, were engaging in illegal activities by soliciting unauthorized deposits from the public through deceptive schemes such as MLM, pyramid schemes, Ponzi and referral marketing. According to NAB, over Rs1.1 billion was transferred to these accounts.

According to Mukesh, the application filed under Section 12(C) of the National Accountability Ordinance, 1999, pleading to ratify the decision of the director general of the National Accountability Bureau, Karachi, seeking the attachment of these accounts is permissible because the companies or suspects have not raised any objections to the court proceedings. On March 17, the NAB director general issued orders freezing nine bank accounts used by these businesses and individuals to obtain proceeds from the conduct of the offences. Six accounts are held by Chinese nationals who are said to be the owners of the companies, while three are held by Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd.

According to a report submitted to the judge by Ghulam Abbas, an investigation officer with the Karachi Police, the notices issued to the accused by the court on May 17 were forwarded to the Ministry of Foreign Affairs DG (China) so that they could be delivered to them at their addresses in the neighboring country to file objections. He stated,

The ministry has yet to provide me with a compliance report. The notices had already been distributed to Pakistan’s account holders’ addresses. As a result, the IO petitioned the court to affirm the DG of NAB Karachi’s judgment.

According to the anti-corruption bureau, the two Chinese companies misled customers by offering significant incentives and bonuses. According to the application, the accused people or businesses asked the public to register with their companies, following which they were forced to deposit the money either in the company’s bank accounts or in cash at their offices.

When the money was received from the clients, the companies would provide them a unique ID number that they could use to log in and manage a personal profile on the firms’ websites, it stated.

Consumers, according to the application, received virtual points for every rupee they invested, and these points rose and fell in accordance with changes in their investments. Customers could manage their investments largely through the use of websites. Customers got monthly profits, which were displayed in their profiles on the company’s website.

The websites had already been closed before the probe was permitted. It was said that the businesses mostly used marketing strategies such as luring through agents (typically current customers were given extra benefits or points to bring in new customers), social media, publicity stunts, websites, and so on.

Green Apple Super Market (Pvt) Ltd. and Gold Transmit Network Technology (Pvt) Ltd. were accused by the SECP of illegally collecting deposits from the general public using misleading schemes such as Ponzi, MLM, pyramid, and referral marketing. It was claimed that they defrauded people out of their hard-earned money by offering enticing incentives and enormous quantities.

The National Accountability Bureau outlined the suspects’ and companies’ business tactics, noting that they would first urge the public to register with them before requiring them to deposit money in cash or in the company’s accounts at their offices.

According to reports, once the money was paid, the businesses offered their customers an ID number that they could use to access the websites and manage their personal profiles. According to NAB, consumers received virtual points for every rupee placed, and those points rose and fell in accordance with changes in their holdings. Customers could manage their investments largely through the use of websites.

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