Net Over Leasing scam: 1600 families ruined

Pakistan

Net Over Leasing scam: 1600 families ruined

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Fraud of hundreds of millions rupees in Net Over Leasing and Finance Company has been exposed.

29 June,2012 04:41 pm

About 1600 families have become bankrupt due to this fraud. Majority of affected families are widows, pensioners and retried people.Another monetary scandal has come to surface in which hundreds of millions rupees have been embezzled.The aforesaid company had obtained a license from Security and Exchange Commission of Pakistan for issuance of investment certificates.However, after earning the trust of the account holders, the company collected millions of rupees in the name of Repo Security Deposit without permission of SECP.During this period Security and Exchange Commission paid no attention to the dishonest designs of company.When more than 1600 families were deprived of their hard earned money, the SECP closed the entire operation of the company in the name of audit, dispossessing the virtual account holders.The affected people made every effort to bring the company on track but in vain. They are of the view that government is distributing billion of rupees among the needy under Benazir Income Support Programme but is not doing anything for the recovery of their money.