Owner Azneem Bilwani through his IT Company ABTACH was allegedly found involved in credit card and fake certificates scam, says FIR
KARACHI: Federal Investigation Agency (FIA) has lodged an FIR against Mohammad Azneem Bilwani, owner of Intermarket Securities Ltd. a local brokerage house and his software house ‘ABTACH Pvt Ltd in Karachi. The company was involved in making fake education certificates from Pakistan.
The owner Azneem Bilwani through his IT Company ABTACH was allegedly found involved in credit card and fake certificates scam from Pakistan. The FIR investigation period was 2015 to till now.
FIA’s Cyber Crime Reporting Circle (CCRC) raided the ABTACH software house on February 16, 2021 after taking permission from the concerned authorities, the FIA said. It was the second biggest software house of Pakistan, which the FIA raided and seized all the records including the Hard Disks and other digital things from the crime scene, the FIA’s FIR said.
The case against the company was registered on March 30, 2021. The FIA had earlier raided Digitonic software house at Shahrah-e-Faisal in Karachi and seized its all records.
Earlier on February 20, the Sindh High Court (SHC) has restrained the Federal Investigation Agency (FIA) from taking any coercive action against a brokerage platform and directed the agency to continue with the inquiry with regard to fraudulent activities, in accordance with the law.
According the FIR, the FIA team has issued notices to Muhammad Azneem Bilwani Chief Executive Officer (CEO) along with and others five employees of the company, but none of them appeared before the FIA Team.
The initial report of the FIR said that there were a number of digital evidences including the alleged website including ‘theglobalcopyrightregistry.com’, trademarkfalcon.com, trademarkterminal.com and trademarkregal.com were used to create and register the logos and trademarks for the foreign clients and their associated businesses are currently running/managed from the office of the ABTACH Pvt Ltd, Block 08, Clifton, Karachi, under the directions of alleged persons.
Through a petition in SHC, the Intermarket Securities got a soft relief on February 20, in which the SHC directed the FIA not to take any coercive action against a brokerage house. But, SHC asked the FIA to continue inquiry against the ABTACH Company with regard to fraudulent activities in accordance with the law.
The interim order came on a petition of inter-market securities seeking a court in junction against the FIA’s notice to private banks calling upon them to debit block bank accounts of the petitioner’s shareholder and associate IT companies.
The sources in the brokerage houses said that Inter-Market Securities held around 20 per cent of the stocks.
A counsel for the petitioner submitted before the SHC that the petitioner was stated to be a market leader full service brokerage platform offering trade execution, investment banking and advisory as well as equities and economic research and most accredited equity market in the country.
In the petition he submitted that the FIA had issued notices to private banks in an inquiry against IT company ABTACH and private persons calling upon them to debit block bank accounts and provide record in respect of ABTACH and others,.
He submitted that the petitioner and others were performing business in IT field and rivaled by Axact company doing business in the same field which had mobilised the FIA.
He said that ABTACH had also filed a petition against harassment by the FIA and obtained a restraining order from the SHC. The counsel submitted that if the impugned notices were acted upon, the entire market will crash leading to a chaos and bankruptcy of thousands of the customers of the petitioner damaging its reputation irreparably and cancelling of its licence with the Pakistan Stock Exchange.
A division bench of the SHC headed by Justice Mohammad Iqbal Kalhoro after a preliminary hearing of the petition observed that the contention raised required consideration and issued notices to the federal law officer, FIA and others for February 24.
The high court, in the meantime, directed that the FIA may continue its inquiry strictly in accordance with the law, avoiding any coercive action against the petitioner.