Another financial scam against NBP-Funds unearthed in Lahore

Imtiaz Hussain lost Rs 1.2 million investment through NBP-Funds over a period of 3-year

Mohammad Imtiaz Hussain, who retired from the Unilever Pakistan in 2013, spent his half of the gratuity on the construction of his house in Lahore and deposited Rs 3 million in NBP-Fund Management Limited in March 2017 on the name of his wife Tabassum Imtiaz who was teaching in a local school of Lahore. He did this mistake on friend’s request and deposited his money with the ‘NAFA Islamic Allocation Fund’ one of the NBP-Fund product as it was a government Bank’s Fund and considered to be a reliable in Pakistan.

Initially, he was offered Rs 30,000/month but after necessary documentations, he was asked to get Rs 24,000 per month, on which, he and his wife agreed. The family was passing their life with happy as they were receiving pension and return on the Fund.

Suddenly, he received a letter through a courier in February 2020 that he has a remaining amount of Rs 1.79 million with ‘NAFA Islamic Allocation Fund’. It was shocking news for this old couple as they had lost over Rs 1.2 million over a period of three year or the company paid monthly profit from his own amount.

On approaching with the NBP-Fund office in Lahore, he was told that the Stock Market had been crashed and most of the investments of people made through stock market had been wiped out. Amazing thing of this investment is that Imtiaz Hussain never received original documents from the NBP-Funds branch in Lahore and invested his all hard-earned money on photocopies of the Funds as he has the trust on National Bank of Pakistan like almost all the investors at that time seeing the endorsement of nation’s bank NBP on their publically available documents.  He, like almost all the other investors, didn’t know till he recently discovered by reading articles of Treasure Magazine that NBP-Fund and National Bank is a separate entity. He also got deceived from the name of NBP and Logo of NBP-Funds.

Almost half of the investors of NBP-Funds has been deceived and deprived of from their hard-earned money on the name of crashing Stock Market, but in other words we can say that it’s a modern way to loot the innocent citizens as they (people) don’t know regarding the Pakistan Stock Exchange, Mutual Funds and how these big Mutual Funds are operating in stock market for their own interests. This is white collar crime new for Pakistani and overseas investors.

Federal Ombadsman order categorically specified as undersigned:

In March 2020, Imtiaz Hussain filed a complaint at Federal Ombudsman office Lahore and after struggling of five-six months, he was told in the order, “no written report was submitted by the Agency and also no one appeared on behalf of the Agency during the hearing held in the Secretariat due to Corona pandemic. The instant complaint was, therefore, referred to the Agency to take appropriate action on its part and this Secretariat may be informed accordingly.”

The order further claimed, “keeping the foregoing in view, further investigation on the complaint is closed in terms of regulation 23 (1)(2) of the Wafaqi Mohtasib (Investigation and Disposal of Complaints) Regulations, 2013 and the case is remanded to the President, National Bank of Pakistan to decide the same within a period of thirty days from the receipt of these findings.”

The complainant has been asked in the order to again file his complaint if no action is taken by the Agency. Arif Usmani, President of the National Bank of Pakistan is not replying to us (treasure magazine) and others over this issue as the same was practiced in the past with other investor.

Imtiaz Hussain is also running a Youtube Channel from Lahore and claimed that he has number of investors of this Fund who were deceived by this Fund and ready to file case against the officials of NBP-Funds Management Limited involved in this scam.

In the video message, he also requested Chief of the Army Staff General Qamar Javed Bajwa and the Supreme Court of Pakistan and Prime Minister Imran Khan to take action against these mafias who are the main hurdles in development of Pakistan.

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