Its owner was arrested in April
The National Accountability Bureau has filed a reference against All Pakistan Project on allegations of cheating public at large and money laundering.
The accountability bureau said Pakistan’s Securities and Exchange Commission complained about the company, which has defrauded 12,000 people of Rs1.8 billion by luring them with unrealistic returns.
NAB has warned the public not to invest in the All Pakistan Project and nominated the company’s owner Malik Adam Amin Choudhry as the main accused in the case, while his father Muhammad Amin along with Faisal Ayub Khan, Jawad Ullah Adil, and Hassan Pasha have been nominated as co-accused.
All Pakistan Project was a fake company running a Ponzi scheme. It lured public by offering unrealistic profits. The suspects had been using YouTube, Facebook, and other social media websites to defraud people, NAB said.
The company had no real or legal business but was still offering 8% to 24% profit. This came from the money collected from investors in the first place. The main accused Adam Amin Choudhry was arrested by NAB from Rawalpindi in April.
In December, the SECP also banned another company by the name of B4U Group that was also taking investments from the public illegally. The company later renamed itself as SR Group, which is not registered with the SECP.
NAB has termed B4U’s case the biggest scam in its history. On August 2, the bureau issued B4U Group CEO Saif-ur-Rehman Khan’s arrest warrant on similar allegations (cheating the public at large in the name of investment). Khan secured an interim bail from the Islamabad High Court, which was extended. The next hearing of the case is on August 17.
Last year PSlash also defrauded people in KP, but the prime suspect could not be arrested. People have been complaining about many fake companies that are running Ponzi schemes through social media and defrauding people but are not being noticed by the regulators.