SECP registers criminal case against former bank employee for fraud worth millions
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SECP registers criminal case against former bank employee for fraud worth millions

The Securities and Exchange Commission of Pakistan (SECP) has registered a criminal complaint in the favour of a complex white collar crime against the former employee of one of the largest banks in Pakistan. The case has been filed for insider trading and fraud with relevance to the accused Khalid Iqbal.

Iqbal was a senior employee at the bank, and was responsible for heading the capital market operations. Due to the position he had in the bank, Iqbal had complete access to the insider information of the investment decisions of the ban alongside authority to take them.

What Iqbal actually did was that he got involved illegal dealing and trading of the shares of the Pakistan Stock Exchange. Using the unjustified money of the bank, he bought the large quantity of shares alongside his partner based in Dubai, making millions of rupees in return.

Due to this criminal behaviour, the bank had to face a huge amount of loss. The bank has offered complete support to SECP for inquiring against the accused.

While taking about this high-end fraud case, Zafar Hijazi, the SECP chairman, said that:

“White collar criminals in the stock market think that their crime is too sophisticated to be caught, but this case is a poignant reminder that the securities’ regulator is on their trail. The SECP has been investing in its capacity to tackle stock market manipulation and there are more such high profile criminal cases in the pipeline.”

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