MNM Motorcycle scam: Rs266m, 5kg gold recovered from accused’s house
TOBA TEK SINGH (92 News) – The National Accountability Bureau (NAB) has recovered Rs 266 million, five kilograms of gold and two vehicles from the house of the main accused of the MNM motorcycle fraud case.
The NAB team raided the house of at 287/JB and arrested the company’s area manager Javed Lumberdar who had concealed the currency and gold in the wall and roof of the house.
The officials also seized two vehicles from the house of the accused.
The accused has been shifted to an unknown location for further investigations.
As per details, the owner of MNM Motorcycle scam accused Ahmed Sial got registered his Multi-level Marketing (MLM) firm with Securities Exchange Commissions of Pakistan (SECP) in 2017 and started his business of import and export of spare parts, whereas, afterwards the accused in connivance with other co-accused launched a company named M/s Munafa Network Marketing (Pvt) company and started receiving hefty amounts in the wake of providing motorcycles delivery within 45 days.
Meanwhile, hundreds of offices were opened in different cities like Jhang, Bhakkar accordingly, where thousands of agents were collecting billions of rupees from general public just for their own commission worth Rs1000/- per motorcycle. Initially, the owners of M/s MNM distributed around 20,000 motorcycles as a confidence-building move to attract more investments.
By smelling the deceitful act, SECP referred the case of treachery to the FIA, whereas, the case was later transferred to NAB Lahore in September 2017 by keeping in view the magnitude of the embezzlement. NAB Lahore has so far arrested 25 accused including M/s MNM Motorcycles chief executive Ahmed Sial.