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Supreme Court orders arrest of Mega Securities’ owner over Stock Market scam

Supreme Court has ordered immediate arrest of the owner of Mega Securities, Col (Retd) Jamshed Iqbal over millions worth of Stock Exchange scam.

The three member Bench comprising of CJP Iftikhar Muhammad Chaudhry Justice Ghulam Rabbani, and Justice Jawad. S. Khawaja, while hearing the case were presented with financial report regarding the indicted company by deputy secretary Stock Exchange, in which he prayed that cheques worth 92,00,000 has been prepared for liquidating 65 affectees, at earliest.

CJP expressed his deep ire over the fraudulent owner of the indicted company, who was also accused of defrauding NAB and Courts, while hundreds of hapless investors were suffering because of him.

While Justice Jawad. S. Khawaja expressed Supreme Court’s total dissatisfaction with conduct of NAB, CJP directed the accused Jamshed Iqbal to submit his written consent for a trail.

The apex Judge ordered the investigative officer for immediate arrest of the accused, Jamshed Iqbal, to be produced before NAB, which should resolve the case as soon as possible, on daily hearing basis.

NAB was further directed to submit its progress to registrar’s office, every fifteen days, while the Court adjourned it s next hearing until third week of October.

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