Latest news with #Rs4.17
Business Recorder
3 days ago
- Business
- Business Recorder
Payments made to cover Naqvi's expenses: Rs4.17m malfeasance uncovered in PCB
ISLAMABAD: Irregularities worth Rs4.17 million have been detected in the Pakistan Cricket Board (PCB), where unauthorised payments were made to cover the utility bills, fuel, and accommodation expenses of its Chairman, Mohsin Naqvi, despite his concurrent role as Federal Minister for Interior. According to the Audit Report 2024-25, the PCB spent Rs2.45 million on utility bills for Naqvi's Lahore residence, Rs1.16 million on fuel for an official Toyota Fortuner, and Rs0.56 million on accommodation at a five-star hotel in Islamabad between February and June 2024. The report held that these expenses were unauthorised, as the Chairman, being a federal minister, was already entitled to such privileges under the Federal Ministers and Ministers of State (Salaries, Allowances and Privileges) Act, 1975. Naqvi all set to become PCB chairman today Auditors rejected the PCB's defence that the payments were permissible under its bye-laws, stressing that no individual can claim the same facilities from two different sources. The Departmental Accounts Committee (DAC), in its January 2025 meeting, directed recovery of the accommodation charges and sought clarification on the remaining expenses. The report has recommended full recovery of the irregular payments and submission of verified records for audit examination. The revelations come at a time when PCB is already under heightened scrutiny over the financial management of PSL 9, raising further concerns about governance and accountability within the country's premier cricketing body. Copyright Business Recorder, 2025
Time of India
18-06-2025
- Business
- Time of India
Retired contractor loses Rs4cr to online share trading fraud
1 2 3 Pune: Online fraudsters duped a retired civil contractor (60) from Sinhagad Road of Rs4.17 crore between March 28 and May 30, after promising him handsome returns on his investment in online trade of shares. The victim lodged a complaint of cheating with the Pune cyber police last week, following which an FIR was lodged two days ago. Senior inspector Swapnali Shinde of the Cyber police station said, "The victim and his family members stay in an apartment on Sinhagad Road. His son is also a businessman." According to the police, the victim's phone number was added to a group on a messaging application on March 28, where the fraudsters discussed high returns from the trade of shares using an online platform. The group members, who claimed to earn a good profit, always praised the group's administrator for tips. The victim read all these messages and was impressed by the profit earned by the group members. Shinde said, "The victim decided to contact the group's administrator. The group administrator, a fraudster, told him to download an application, where he could buy and sell shares. The fraudster also sent him a link. The victim downloaded the application and started buying shares of small amounts." She said, "The fraudsters then contacted him and told him to invest in high-value shares to generate a handsome profit. The suspects promised to help him out in buying IPOs and high-value shares, which would churn out a handsome profit. The victim accepted their proposal of help. The fraudsters then shared details of 12 different bank accounts with him and told him to transfer money to these." The victim then started transferring the money. The fraudsters manipulated his application of share trading by showing his profit increasing with each transfer of money, Shinde said. "The victim made 76 high-volume transfers to 12 bank accounts, whose details were shared by the fraudsters. Gradually, the online application, which the victim downloaded, showed a profit of Rs43 crore," she said. "The victim then tried to sell the shares worth Rs1 crore, but the fraudsters did not allow him to do so. The victim made repeated calls and messaged them, but the fraudsters kept on asking for more money instead of releasing his funds," Shinde said. Following this, he ran an online search and read about such frauds. The victim then approached the police last week and submitted a complaint application. After verification of his application, the police registered the FIR.
