Arrest warrant issued for forex company director – FPA behind

The following news wire just hit the web, ForexPeaceArmy supported this Pakistani forex criminals fooling hundreds of novice traders with the promise of high profits based on FPA sigmals. Read belowBy Bureau report 6/17/2008

PESHAWAR: An accountability court Monday issued non-bailable arrest warrants for Forex Services International Private Limited company director, Muhammad Zeeshan Ali, allegedly involved in a multi-billion-rupee scam.The accountability court judge, Khalid Bacha, issued arrest warrants for the accused. During a previous hearing in the case, the same court had issued non-bail able warrants for Shoaibullah Cheema, one of the directors of the Forex Services International. Earlier, Peshawar High Court (PHC) had granted him bail but after that he remained absent from the proceedings at the accountability court. This led to issuance of his non-bail able warrants. Shoaibullah Cheema and other directors of Forex Services International had reportedly collected more than Rs185 million from 450 people in the Punjab and NWFP through International Stock Exchange on the promise of high profit. They misappropriated by acquiring property in their own names. NAB initiated an inquiry and started recoveries by freezing and liquidating their assets. On October 28, 2005, the same court had extended his physical remand for another 14 days. During investigations, it was disclosed that the company had more then 4,000 depositors in Peshawar amounting Rs70 million.