Big board scam
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The Big Board Scam was a financial fraud orchestrated by the Karachi-based firm Big Board Advisory Service (Pvt). The company established offices in Gilgit-Baltistan in 2004, during which over 200 million rupees were embezzled.[1]
Origin
[edit]Big Board started its services in the Gilgit region in 2004 and lasted only a year. During this period, the company offered returns of 18 to 36 percent to its customers, and in some cases, it ranged from 100 to 150 percent per year.[2]
Investigation
[edit]The National Accountability Bureau (NAB) Rawalpindi's Gilgit sub-office arrested Abbas Haider Naqvi in 2017, chief executive officer (CEO) of Big Board Advisory Service (Pvt) Ltd, in Karachi. Naqvi was wanted by the authorities for defrauding investors in Gilgit-Baltistan of nearly 185 million rupees, by promising returns of 18-36 percent on investments and, in some cases, 100 to 150 percent over five years.[3] In 2013, the accountability court in Gilgit sentenced five individuals to eight years of rigorous imprisonment each for their involvement in the Big Board Scandal. They were also fined 40 million rupees (4 crore), with an additional two years in prison if they failed to pay the fine.[4]
References
[edit]- ^ Khan, Sher (5 June 2018). "Another fake company loots over Rs240mn from 700 people in GB". Profit by Pakistan Today. Retrieved 13 August 2024.
- ^ "Fake Company Steals Over Rs 240 Million from Hundreds of People in Gilgit-Baltistan". ProPakistani. 6 June 2018. Retrieved 13 August 2024.
- ^ "Financial Scam: CEO of Big Board Company Arrested by NAB". Pamir Times. 18 April 2017. Retrieved 13 August 2024.
- ^ "NAB Court Gilgit Sentences 5 People Involved in Big Board Scam". Pamir Times. 9 September 2013. Retrieved 13 August 2024.
- ^ "Ponzi scheme: Five imprisoned for eight years over 'Big Board Scam'". The Express Tribune. 2013-09-09. Retrieved 2024-08-13.