Who is Malik Abdul Hai? NAB Arrests Mastermind Behind Rs. 48 Billion Online Trading Scam

The National Accountability Bureau (NAB) Multan has apprehended Malik Abdul Hai from Karachi in connection with a massive Rs. 48 billion online trading fraud. The arrest followed a tip-off from the Securities and Exchange Commission of Pakistan (SECP), leading to swift action against the accused.

NAB has frozen seven properties owned by Abdul Hai after receiving 191 complaints against him. Investigations uncovered that he operated fake companies named Four H Traders and AH Experts, enticing investors with promises of 30% returns, ultimately defrauding billions of rupees.

“Abdul Hai had established fake companies under the names Four H Traders and AH Experts and lured citizens by promising a 30% profit, swindling billions of rupees in the process.”

Remarkably, the accused’s background reveals he once worked as a sweeper and milk seller at a hospital in Layyah before masterminding the scam. He reportedly targeted innocent citizens by posing as an online trading expert. Abdul Hai is scheduled to appear before the accountability court’s duty judge on October 14.

This arrest marks a significant breakthrough in tackling large-scale online fraud cases, reflecting the collaboration between regulatory bodies and law enforcement.