Fake share certificates worth millions of rupees appeared to have been floated in stock market, as Federal Investigation Agency (FIA) on Thursday investigated the three-member gang arrested for the printing and selling out of fake share certificates.
According to Inspector Gulsher Mugheri, the accused, Shehzad, Rehan and Niaz Ahmed Rind, revealed that they had floated fake share certificates worth over Rs 25 million in the market.
He said that FIA's preliminary probe had revealed that the gang was running the illegal business for at least the last one year. Mugheri said that in the light of arrestees' statements, the Agency would extend the scope of its investigations to those brokerage houses through which the gang had been floating fake share certificates in the market.
The FIA Inspector said his team had found out some more people involved in the scam, but their names would, however, be kept in concealment so that the process of investigation could proceed smoothly.
Mugheri said the three accused were on Thursday presented before the court that ordered their remand till November 24. FIA had raided the gang after receiving complaints from a brokerage house, said the investigation officer. An FIA team comprising Sub-Inspector Rafique Baloch, ASI Chauwdhry Bilal, Zeeshan Awan and others from the lower staff on Wednesday had arrested the gang from Pakistan Chawk for printing and selling out fake share certificates worth millions of rupees in the stock market.