OVERSEAS PAKISTANIS AND
THEIR INVESTMENT
25 July 2004
The senior columnist and writer Munoo Bhai in this column titled “It is not a Suicide but Murder” appearing internet edition of Urdutimes narrates story of an Overseas Pakistani Muhammad Rafiq Choudhry who went to USA and worked hard as a taxi driver and saved about US$ 60,000 for investment in Pakistan. But seeing the failure of Nawaz Sharif’s Qaraz Uttaro he kept his money there in US. When during present government eradication of corruption, better and sound investment facilities were repeatedly claimed, in June 2001 he brought his money to Pakistan and allured by slogans invested into Stock Exchange. According to columnist Munoo Bhai Ch. Rafiq opened a DCPI Investors account and on alleged advice of some “officer” also opened his CDC Sub-Account and went back to USA. After three months he was conveyed to him that there was Nil balance in his account. He rushed to Pakistan and met Karachi Stock Exchange concerned Member where he was shown an alleged letter which Mohammad Rafiq had purportedly and allegedly issued authorizing someone else to deal with his account. Mohammad Rafiq refused it was signed by him. The Account Officer was dismissed and licence of Member KSE suspended.
Early 1990s I was then working in a middle east country. A Pakistani there had subscribed PIA shares. These shares were perhaps originally in the name of Government or Defence Ministry which I do not remember now exactly. PIA shares department advised all such shareholders to surrender these shares so that new shares in allottees names could be issued. This Pakistani through someone deposited his shares worth more than 7 lacs with PIA. PIA issued a prescribed Receipt with the advice to collect new shares when ready against surrender of original Receipt.
When some people received Dividend from PIA he did not get. When approached PIA told him no shares were standing in his name. When PIA was again approached with reference to his Folio No. PIA replied you have sold the shares to so and so. My friend shareholder told PIA the original Receipt was still in his possession so how the shares were sold. Simultaneously on my advice he approached, IG Police Karachi, FIA, Karachi Stock Exchange, Federal Ombudsman and OPF for filing of an FIR. At this stage some people at his native home town Gujrat started visiting his family that, as told by the aggrieved complainant, a then minister allegedly wanted to see the shareholder just for a courtesy social meeting. In short there were some sweet coated threats and some alluring offers to the middle east sitting shareholder through his family in Gujrat. The shareholder could not resist these threats and accepted the cash payment of his loss and had to withdraw his complaints from all levels. He was lucky he got his amount.