A Senator has asked the Securities and Exchange Commission of Pakistan (SECP) to investigate prolonged delay in payment to the depositors of the Crescent Standard Investment Bank Limited (CSIBL).
In a letter issued to Chairman SECP Raziur Rehman, Senator Enver Baig observed that the poor depositors were unable to get their hard-earned money back despite delay of eight months.
Following the findings of the SECP, the charges levelled against CSIBL are of criminal nature. Till today the Chairman and the directors of CSIBL are free, but the depositors have yet not recovered their money, he stated.
He alleged that the SECP is now known as cold storage and a commission to protect white-collar criminals including the stock exchange mafia. The SECP chairman should submit latest update on the matter giving a specific deadline on which depositors will get their money back, he added.