Crystal Associates' Owners Get 14 Years Imprisonment For Looting People

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Feb, 2020 ) :The Accountability Court (AC) No 1 of Rawalpindi on Friday sentenced Khalid Warsi, Muhammad Afzal, Shabbir Hussain and Muhammad Naeem of Crystal Associates to 14 years rigorous imprisonment with Rs 300 million fine each for looting the people.

AC Judge M Pervaiz Ismail Joya declared co-accused Arshad Mehmmood Baig and Muhammad Aslam as proclaimed offenders, a NAB press release said. � The National Accountability Bureau (NAB), Rawalpindi had filed a reference against the accused in August 2016 in the Accountability Court, Rawalpindi. About 818 complainants registered their claims amounting to Rs 540 million against the accused.

NAB Rawalpindi had received several complaints against the management of Crystal Associates Pvt Ltd during 2015-16 luring investment in their interest-free business.

The inquiry/ investigation revealed that the accused persons, including Khalid Warsi, Muhammad Afzal, Shabbir Hussain, Muhammad Naeem, Arshad Mehmood Baig and Muhammad Aslam had registered a company in the name of Crystal Associates and collected investment from general public through vague stamp papers.

Initially they had paid some profit to create trust among the investors but later on it turned to be a ponzi scheme and deprived the investors of their hard earned money.