Business leaders for probe into growing misuse of law regarding cheque bounce

KARACHI: Business community has demanded a thorough investigation into the misuse of the cheque bounce law. The demand came at a joint press conference by prominent industrialists and business leaders from various trade organizations, including the Korangi Association of Trade and Industry (KATI), Federation of Pakistan Chamber of Commerce and Industry (FPCCI), and Karachi Chamber of Commerce and Industry (KCCI), SITE, BQATI, FBATI, NKATI, LATI, SITE Superhighway, Association of Builders and Developers (ABAD) and other trade associations held at KATI office here on Monday.

President of KATI, Johar Qandhari, expressed concern over a new method of fraud targeting industrialists and businessmen, leading to unwarranted arrests and extortion attempts. Qandhari revealed his personal experience of facing false allegations based on bounced cheques, emphasizing that he had no connection with the plaintiff and presented call data records as evidence.

The industrialist asserted that the FIR against him was the result of a fraudulent scheme, raising suspicions of potential involvement of bank staff. Qandhari criticized the lack of verification by the bank when declaring the cheque as bounced and urged for a comprehensive investigation.

Qandhari disclosed that unknown personnel blackmailed to pay a substantial sum for his release, highlighting the cooperation received from the CCPO and DIG. Forensic examination of the cheques revealed forged signatures and seals, providing concrete evidence of the malicious intent behind the case.

President KATI called attention to the absence of plaintiffs in court.

The malicious case has been upgraded to a C class FIR, and Qandhari expressed hope for a fair and just decision based on merit.

The press conference aimed to raise awareness about the fraudulent practices and protect businessmen from falling victim to similar schemes in the future.

Qandhari urged the administration and relevant institutions to take note of these elements and emphasized the need to expose those who have exploited businessmen through this method.

FPCCI Senior Vice President Saqib Fayyaz Maggoo condemned the misuse of the cheque bounce law, emphasizing its original purpose to benefit the business community. He appealed to higher authorities to provide protection to businessmen in the face of such incidents.

Asif Sum Sum, Chairman of ABAD, called for the implementation of proper procedures in handling cheque bounce cases, urging action from Chief Minister Sindh, IG Sindh, and Karachi Chief to address the issue.

Javed Bilwani, Coordinator of the Textile Exporters Forum, commended Qandhari for exposing the fraudulent activities and called on all town associations to bring such matters to light. He emphasized that abuse of the cheque bounce law could undermine investor confidence, affecting the overall capital of the country.

KATI’s Deputy Patron-in-Chief Zubair Chhaya echoed the sentiment, emphasizing the need for practical steps to prevent such incidents in the future. Chhaya warned of severe reactions if immediate actions were not taken and stressed that the cheque bounce law should serve the convenience, not the difficulty, of the business community.

The united stance of all town associations was pledged in support of Qandhari and the fight against the misuse of the cheque bounce law.

Copyright Business Recorder, 2024