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Home / Business / Rs708m fraud case: NAB nails Natover Lease and Refinance CEO for defrauding 200 people
Rs708m fraud case: NAB nails Natover Lease and Refinance CEO for defrauding 200 people

Rs708m fraud case: NAB nails Natover Lease and Refinance CEO for defrauding 200 people

PESHAWAR: National Accountability Bureau (NAB) Khyber Pakhtunkhwa arrested the Chief Executive Officer Natover Lease and Refinance Limited and Natover International Pvt Ltd over his involvement in Rs708.00 million fraud case.

Nadim Hamid Sheikh, Chief Executive of M/s Natover Lease and Refinance Limited illegally collected huge amounts from from the public against unauthorised instruments/ certificated called Repo Security Deposits Receipts (RSDRs)) to the tune of Rs708 million on the promise of exorbitant rate of return. For sometime profit was paid to the investors/complainants on their investments but later on it was stopped.

The investors are neither being paid profit nor their principal amount is being returned and looted the hard money of general public.  Thus huge number of people was defrauded.

So far 200 affectees have lodged complaints against the company. In pursuance of warrant of arrest issued by Chairman NAB, a raid was conducted and the alleged accused was arrested.