Billing Capital Management Company’s fraud of 440 million rupees against the public has been uncovered; the SECP has handed over the matter to the FIA.

Islamabad (Herald News) — The Securities and Exchange Commission of Pakistan (SECP) has referred the matter of an alleged 446.6 million rupee fraud scandal involving Blink Capital Management Company—which promised fixed returns to the public—to the Federal Investigation Agency (FIA) for further investigation. Sources further stated that funds were collected from investors under the guise of investing in the Pakistan Mercantile Exchange (PMEX), while these amounts were also received in the personal accounts of Blink Capital and its management. During the investigation, the alleged illegal transfer of funds into the accounts of Blink Capital’s Chief Executive Officer, directors, and employees was also uncovered. According to the SECP, action was taken under Section 41B of the SECP Act 1997 regarding Blink Capital’s alleged operation of a ponzi scheme and the illegal collection of funds from the public. The referral of the case to the FIA has been approved for further investigation and the redressal of grievances for affected investors.