NAB arrests retired Army Officer over fraud case

NAB arrests retired Army Officer over fraud case

ISLAMABAD - NAB Rawalpindi has arrested accused Major (R) Atif Qayyum on the charges of cheating at large as he lured general public to invest in his so called gold business.

It was alleged that Major (R) Atif Qayyum was involved in Gold Trading Scam through taking money from public as investment /loan to be invested in daily trade of physical gold through different gold trading companies.

As per details, the accused promised good profit (6 %to 7% approx) on monthly/5 weeks cycles basis to the affectees.

He also ensured investors that trade would be conducted according to shariah basis and at any given end-of -trade; physical gold in form of gold bricks would be transferred to Atif’s Vault, being maintained by trading companies.

During the inquiry, it has revealed that Major (R) Atif Qayyum did not have any such business neither the earning of such lucrative profits as he committed to the investors and cheated people at large.

Sources informed Daily Times that Major (R) Atif Qayyum had previously been brought back to the country by military authorities and investigated till his retirement. Many victims of his fraud include widows, retired army personnel and their other family members.

The retired major was also able to operate his fraud from different cities despite being on duty in Pano Akil, near Sukkur. It is not yet revealed how he was able to move around major cities whilst on duty.

DG NAB Rawalpindi said that NAB under the dynamic leadership of Chairman NAB is determined and committed to eradicate corruption from the country with firm resolve with absolute objectivity, thorough professionalism, and unimpeachable integrity and without any leanings for or against anybody.

He said NAB is making all out efforts to recover the looted money from corrupt elements. However, this practice to invest in the unauthorized schemes should be checked timely through proper awareness about the legal housing societies by all the regulators.