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Inadequate Check and Enforcement System. Cumbersome and Time-Consuming Legal System

White collar crimes such as Ponzi schemes have become more common in Pakistan due to inadequate enforcement systems and cumbersome legal processes. Recently, a bank manager was jailed for 40 years for embezzling millions of rupees from the bank. Additionally, four people were arrested by the National Accountability Bureau for their involvement in corruption cases related to insurance fraud and deception of the public in a motorcycle investment scheme that caused losses of approximately 11 billion rupees.

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Mashhood Javaid
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87 views1 page

Inadequate Check and Enforcement System. Cumbersome and Time-Consuming Legal System

White collar crimes such as Ponzi schemes have become more common in Pakistan due to inadequate enforcement systems and cumbersome legal processes. Recently, a bank manager was jailed for 40 years for embezzling millions of rupees from the bank. Additionally, four people were arrested by the National Accountability Bureau for their involvement in corruption cases related to insurance fraud and deception of the public in a motorcycle investment scheme that caused losses of approximately 11 billion rupees.

Uploaded by

Mashhood Javaid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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White Collar crimes: Ponzi Schemes

White collar crimes have become very common these days in Pakistan and there
are a lot of reasons behind it like abuse of power, controlled judiciary, lack of
education etc. But the two root causes behind it are:

 Inadequate check and enforcement system.


 Cumbersome and time-consuming legal system.
Since there is no check on big corporate companies most likely because of bribery
a lot of Ponzi schemes are either overlooked or are held up in long and
cumbersome procedures.
Quite recently a bank manager named Ghulam rabbani was jailed for 40 years in
prison because he was accused of embezzling bank funds worth millions of
Rupees. The court also imposed a fine of Rs 9.5 million on the convict.
Also this year, National Accountability Bureau, Lahore, arrested four accused in
two different corruption cases related to cheating public at large and misuse of
authority.
Two arrested persons, Muhammad Ashraf and Patwari Muhammad Asif, were
allegedly involved in State Life Insurance Corporation (SLIC) Cooperative Housing
Society corruption case. They were arrested on charges of selling and purchasing
272 Kanal land worth Rs 180.2 million, Both also allegedly took financial benefits
with the support of Revenue officials which also caused financial loss to State Life
Insurance Cooperative Housing Society.
Two other accused, Saghir Nisar, Punjab general manager of M/s MNM
Motorcycles Pvt Limited and Naveed Azhar, stockist, were nabbed on charges of
depriving innocent people of approximately Rs 11 billion by luring them with the
promise of provision of motorcycles at cheap rates.

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