Shaukat Ullah Khan, the CEO and Founding Chairman of ISMMART Group, has been remanded for an additional seven days until July 27. This ruling was issued by ATC-II Judge Tahir Abbas Sipra at the Federal Judicial Complex in Islamabad.
The extended remand comes as part of an ongoing probe into accusations of large-scale fraud related to a ponzi scheme.
NAB Prosecutor Usman Masood Mirza requested a 14-day physical remand for Mehmood Ullah Khan to further investigate the ponzi scheme, which has attracted 1,644 complaints on the NAB portal.
The total liability identified by NAB stands at Rs2.7 billion. The inquiry began following numerous complaints from affected individuals.
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Shaukat Ullah Khan’s initial 7-day physical remand was granted to NAB on July 13. Reports indicate that ISMMART Group promised 15 to 16% returns on investments.
On September 25, 2023, the Securities and Exchange Commission of Pakistan (SECP) issued a warning advising the public against depositing or investing funds with Shokat Ullah Khan and ISMMART Group companies, as they were unauthorized to accept such deposits.
