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    Shoaibullah Cheema and Zeeshan Ali of Forex services lost appeal against conviction …..NAB

    Chitral Times Report

     

    PESHAWAR: Peshawar High Court today dismissed appeal of Shoaibullah Cheema Chief Executive Forex Services International (Pvt) Ltd and Zeeshan Ali Director Forex Services International (Pvt) Ltd, against conviction in cheating public at large case.

    As per details, convict Shoaibullah Cheema and Zeeshan Ali along with the other co-accused person lured general public to invest their hard earned money in business of banking by offering huge profit. A total of 611 innocent individuals invested Rs 369 million in the fraudulent business. Later on the culprits not only stopped paying profits to the affectees but also embezzled the principal amount.  NAB Khyber Pakhtunkhwa  flied reference in Accountability Court . Accountability Court convicted accused Shoaibullah Cheema for Rigorous Imprisonment with a fine of Rs 183 million and Zeeshan Ali for a term of 3 years with a fine of Rs 5.9 million while other co-accused Liaqat Ali was declared proclaimed offender.    Both Shoaibullah Cheema and Zeeshan Ali filed appeal in Peshawar High Court against the decision of Accountability Court which is dismissed by Honorable Peshawar High Court.

    It merits mentioning here that NAB KP has recovered an amount of Rs. 186,845,990 and distributed amongst the affectees. NAB will initiate recovery proceedings of the remaining amount as per law for further distribution amongst the affectees.  NAB has time and again warned general public to be wary of such fraudulent business.

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