A Biggest Scam Between Two Brother Countries

We have seen many cases and we have read several stories about different scams in Pakistan. Many big names including politicians and investors are normally seen as part of different scams while some white collar scams have also been noticed as getting much importance in recent past. But, when we talk about Pakistan and China we have never seen any big scandal or fraud between both countries because both have very good brotherly relation and both always respect each other. Pakistan has always been supported by China in tough circumstances and it always gave very importance to China in all matters.

It is true that all the glitter is not gold and we have a story of a big scam between both brother countries and this story is affecting the relations and attitude of Chinese towards Pakistan. Pakistanis are very loving people but this story is breaching the trust of Chinese people from Pakistanis.

According to our sources and court information, A Chinese citizen has a case about 1.285 billion rupee fraud done by some Pakistanis. This case is mainly related with his two former partners who were working with him in his company on different shares and a third person who was working in a Pakistani private bank. He also helped these two Pakistanis to open their fake bank accounts in his bank where he was working. Some people from SECP who changed the shares of that Chinese from 45 to 01 without informing him and without his consent were also involved in scam.

The story was started when OGDCL launched a project NASHPA with around 200 Million US Dollars. This Project is EPCC Contractor for Gas Processing, LPG Recovery Plant and Allied Facilities at NASHPA Oil Field.

In 2002, this Chinese guy was working in Garment field, especially in international market. In April 2004, one person who did fraud with him came to Shanghai because of business loss and debt problem. This Person was from Sialkot and later he introduced his brother in law to Chinese and added him in a company where they both did scam with Chinese. In November 2004, in China this Chinese met with this Pakistani first time and in November 2011, at Shanghai this Chinese started new energy business, he took name of new company, with “NASYS”. On 31 October 2012, he registered a company in Shanghai with holding 100 % shares.

After doing market study, he got to know that Pakistan is badly suffering from lack of electricity, he decided to sale solar panels to Pakistan. So, he invited Pakistani guy to join Market Development with share 50/50. In 2011-2012 this Chinese developed many Chinese suppliers for Pakistan Market. From November 2011 to March 2014, he was using this name, “Nasys New Energy”, in market. After hard working for two years, he got the positive progress, and won some projects from OGDCL. He and the Pakistani guy successfully registered a company in Hong Kong with the name:  Nasys International Limited on 50/50 % shares.

On 22nd May 2014, the Chinese and other two Pakistanis registered Local company in Islamabad with the name:  Nasys Intl. Co (Private) Limited in which the Chinese person had 45% and the first Pakistani guy had 45% and the other person had 10% shares. On 29th December 2014, another Chinese Company had the lowest price with Amount USD 179 Million and won the project of OGDCL and that Chinese company appointed Nasys Intl. Co., Pvt. Ltd as its Local Agent for Pakistan and it happened because of the hard work of this Chinese guy.

On 1st July 2015, both Pakistani guys signed “Deed of Partnership” to set up one firm with the name: Nasys International in Pakistan and they decided 80/20% shares in firm. 13rd October 2015, a person who was working in a private bank supported both Pakistani guys and opened their bank accounts for Nasys Intl. Co (Private) Limited and  Nasys International at the same day and they used fake Signature of this Chinese person to open the bank accounts. 1st December 2015, that person who was in bank shifted his job to another bank where they again opened the fake bank accounts for Nasys Intl. Co (Private) Limited and Nasys International at the same day.

13th May 2016, Chinese Company signed Agreement with Nasys International Limited (Hong Kong) and Nasys Intl. Co (Private) Limited based on Sole Agent Agreement which was signed 20th March 2014. Chinese Company confirmed the Service Fee 11 Million US Dollars.

In June 2016, without informing the Chinese person, Both Pakistani sent invoices and forced Chinese Company to pay the 10% of consultant fee and they received the below detail of amounts:-

  • $1,113,211/-was reminted to Nasys International
  • $ 525,000/-was reminted to Nasys International Limited (Hong Kong)
  • $ 800,000/-was reminted to Personal Account of the first Pakistani guy

Till that time the Chinese was unaware about the conspiracy against him. On 2nd November 2016, in order to occupy fully the 11 Million US Dollars, both Pakistani guys successfully tampered shares records in SECP. both submit Form-29 in dated on 2nd November 2016 and tampered the records of Chinese in SECP from 45% to Rs.1/- share only, meaning thereby they literally throwing the Chinese out from Nasys Intl. Co (Private) Limited which was registered on 22nd May 2014 and the Chinese had 45% shares of company.

So, both Pakistani guys got the whole amount and kicked out Chinese from company. Both shifted all other ongoing projects to their own private company and eared millions of rupees from different projects which actually belonged to Chinese. Both Pakistani guys earned PKR 1,390,013,250 (One billion three hundred ninety million thirteen thousand two hundred fifty rupees) and according to Chinese’s shares they have to pay PKR 625,505,962 (Six hundred twenty-five million five hundred five thousand nine hundred sixty-two rupees) to him and remember this amount is converted as $1 equal to 146 PKR.

Later after knowing about scam, the Chinese person went FIA, NAB, and Pakistani courts but didn’t get any justice till today. People who can misuse SECP and private banks they can use anyone because they have money and they know its use.

This story raised many questions on different state departments and telling that how Pakistan treats with foreign investors. Especially when we talk about our relations with China so this case would be a big example in coming future.

Especially, when we see that the state offering different facilities to foreign investors and motivating them towards Pakistan and we can say that the state should take action against those who are breaching the trust of Chinese and destroying Pakistan’s image.

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