He has been arrested on charges of corrupt practices and cheating public at large for purpose of sale and purchase of shares in Stock Exchange.
As per details here on Wednesday, Securities and Exchange Commission of Pakistan (SECP) referred this matter to NAB with allegation that various complaints have been received against M/s AWJ Securities Pvt Limited that this company has defrauded public at large and misappropriated their hard earned money.
During inquiry proceeding it was revealed that the accused persons namely Abdul Waheed Jan , CEO of said company received huge amount i.e. more than 300 million from public at large in name of investment in securities.
So far complaints of 246 claimants/affectees have been received with total claim of Rs.412.588 million.
The analysis of record received from Central Depository Company (CDC), SECP & PSX with statements of claimants revealed that AWJ Securities used to provide fake statements and involved in unauthorized trading which ultimately deprived clients/shareholders from their hard earned money.
They were also involved in taking overdraft limits from different banks by pledging shares of their client and used finances for their personal use.
The bank record also shows huge number of cash transaction both in deposits and withdrawals which is against the permissible limit.
Sufficient incriminating material is available on record that Abdul Waheed Jan in connivance with his son Hassan Waheed, Director defrauded innocent people by luring them for huge profit against their investment and involved in criminal breach of trust by issuing fake statements to the clients.
Both accused persons in connivance with each others have committed offence of cheating public at large and misappropriated their amounts.