Nine Chinese Bank Accounts Frozen For Committing Rs.1.1B ‘Fraud’ In Karachi

The Accountability Court of Karachi has allowed an anti-graft watchdog to seek the freezing of nine bank accounts of two Chinese companies and 4 individuals for allegedly cheating the public of Rs1.1 billion through fraudulent investment schemes. In its Nov 2 order, Accountability Judge Court-IV Mukesh Kumar said in his statement that;

“The suspicious accounts operated in the names of two companies — Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd — and by four Chinese individuals be frozen.”

According to NAB, the SECP had filed a complaint that two firms — Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd — are allegedly involved in illegal activities of raising unauthorized deposits from the public by launching fraudulent schemes, including referral marketing, MLM, and pyramid and Ponzi schemes. NAB said that over Rs1.1 billion was transferred to these accounts.

Mukesh noted that since the companies or suspects had not filed any objection to the court proceedings, therefore the application filed under Section 12(C) of the National Accountability Ordinance, 1999, pleading to ratify the decision of the director general, NAB, Karachi, seeking attachment of these accounts is allowed. On March 17, the NAB director general issued directives for freezing nine bank accounts used by these companies and individuals to receive “proceeds from the commission of the offenses”. Three accounts are under the title of Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd, while six are owned by Chinese nationals, said to be the owners of the firms.

Ghulam Abbas, an investigation officer of Karachi Police, had submitted a report informing the judge that the notices issued to the accused persons by the court on May 17 were forwarded to the Ministry of Foreign Affairs DG (China) so they could be served on them at their addresses in the neighboring country to file objections. He said;

“I have yet to receive a compliance report from the ministry. The notices had already been served to Pakistan’s account holders’ addresses. The IO, therefore, requested the court to confirm the order passed by the NAB Karachi DG.”

The corruption watchdog said that the two Chinese companies had deprived people of their hard-earned money by offering lucrative incentives and hefty amounts. In the application, the bureau had said that the modus operandi of the accused persons or firms was that they would ask the public to register with their companies, following which they were required to deposit the amount either in the bank accounts of the companies or in cash at their offices.

Once the amount was received from the customers, the companies would provide them a specific ID number that could be used to log in and manage an individual profile on the company’s websites, it added.

The application said that virtual points were given to the customers against each rupee deposited, and these points would increase or decrease as per the changes in the investments. The websites were the prime forum where customers could manage their investments. Monthly profits were given to customers that would also reflect on their profile on the companies’ online portal.

“The websites were already closed before the inquiry was authorized. The companies mainly operated through marketing strategies like luring through agents (mostly current customers were given extra benefits or points to bring in new customers), or through social media, publicity stunts, websites, etc.,” it claimed. 

The SECP had complained that Gold Transmit Network Technology (Pvt) Ltd and Green Apple Super Market (Pvt) Ltd were allegedly illegally raising unauthorized deposits from the general public by launching fraudulent schemes, including referral marketing, MLM, pyramid, and Ponzi. They deprived people of their hard-earned money by offering lucrative incentives and hefty amounts, it claimed.

Elaborating on the modus operandi of the suspects and the firms, the National Accountability Bureau said they would ask the public to register with their companies after which they were required to deposit the amount either in the companies’ accounts or in cash at their offices.

Once the amount was received, the companies would provide an ID number to the customers which could be used to log in to the websites and manage an individual profile on the company’s websites, it added. NAB explained that virtual points were given to the customers against each rupee deposited and those points would increase or decrease as per the changes in the investments. The websites were the prime forum where customers could manage their investments.

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