Chairman Hosiery Manufactures Association (HMA) Javed Balwani was deprived of Rs one million by two armed men from SITE area here, on Wednesday.
According to details two young men looted the money at gunpoint from Balwani near his factory gate. The money was to be distributed among his employees as monthly salary.
When contacted the HMA chairman said that the cashier of his company was on leave and he brought the money but when he almost reached his factory gate two men on a motorcycle with TT pistols intercepted him and looted the money and fled.
A FIR has been registered at Pak Colony Police Station.