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NAB files corruption reference of Rs1.28b against Dr. Shauakt Ali Bangash

NAB files corruption reference of Rs1.28b against Dr. Shauakt Ali Bangash

ISLAMABAD: National Accountability Bureau (NAB) has filed corruption references against Dr. Shaukat Ali Bangash, Chief Executive Officer (CEO) of Global Health Services (GHS) of Rs1.28 billion in Accountability Court, Islamabad on 3.12.2018.

The accused Dr. Shaukat Ali fraudulently induced general public of safe and lucrative investment in his company solicited fake investment in the name of Global Health Services (GHS) from overseas Pakistanis.

In this regard, Pakistan’s ambassador to the United States of America, Mr. Jailil Abbas Jilani also wrote a letter to chairman NAB on 11.5.2016 emphasizing that “such scan are not only discouraging expatriate Pakistani from investing in Pakistan, they also tarnishing the image of Pakistan abroad and undermine embassy’s efforts to engage overseas Pakistanis in national development.

It has also been transpired in investigation that accused Dr. Shaukat Ali Bangash Chief Executive Officer of Global Health Services signed the contracts, giving an impression to the investors that contract is between the company and the investor while infect accused transfer his personal shares in the result of the contract. He dishonestly used name of the company and his designation to induce general public.

He misappropriated money received from general public by increasing his personal share holding in the company. He charged exaggerated prices of shares to investors while he brought the same sahres at face value of Rs10/share. Thus he caused loss of Rs1.2 billion. He fraudulently induced the investors for more investment in the garb of board seat of QIH. There is so much provision of having a board of directors of QIH, as QIH is not registered with SECP in any capacity hence had no legal status/authority and non-existent legally.

Mr. Irfan Naeem Mangi, DG NAB Rawalpindi said that NAB Rawalpindi under the dynamic leadership of Justice ® Javed Iqbal, Chairman NAB is committed to nab corrupt elements and bring them to justice as per law. He said NAB is making all out efforts to recovery looted money from corrupt elements with iron hands by adopting “Accountability for All” policy across the board.