The National Accountability Bureau (NAB), Lahore arrested Javed Muzaffar Butt and Malik Usman Riaz, the owners of Toyota Motors, Gujranwala who were accused of a renowned illegal investment scandal. Both the accused were allegedly involved in receiving illegal investments from the general public on the promises of paying hefty profits over the invested amounts.
As per the claims received by NAB Lahore, both the arrested accused in alleged connivance launched a vehicles’ showroom business in 2006 and started to book new vehicles for delivery, whereas, since 2015 the accused collected more than Rs 3 Billion from the general public to the tune of paying them huge profits over the investments. Around 700 affectees, including numerous oversea Pakistanis have, so far, approached NAB Lahore for the recovery of their looted money in the scam.
Furthermore, Butt and Riaz initially started their business in Gujranwala and by the passage of time, they expanded it to Gujrat, Sialkot, Faisalabad and other adjoining areas, ultimately, spreading all over the province. As of their modus operandi (MO), both the accused used to collect the full price of a vehicle, in advance, with the promise to return the same along with a handsome profit.
NAB Chairman Justice Javed Iqbal has issued directions for giving priority to cases related to cheating the public on a large scale. Whereas, after the issuance of arrest warrants by the competent authority, NAB Lahore officials have taken both the accused into custody, who would be produced before an accountability court, on Tuesday, for seeking of a physical remand to keep the investigation open.
