Big board scam
The Big Board Scam was a financial fraud orchestrated by the Karachi-based firm Big Board Advisory Service. The company established offices in Gilgit-Baltistan in 2004, during which over 200 million rupees were embezzled.
Origin
Big Board started its services in the Gilgit region in 2004 and lasted only a year. During this period, the company offered returns of 18 to 36 percent to its customers, and in some cases, it ranged from 100 to 150 percent per year.
Investigation
The National Accountability Bureau Rawalpindi's Gilgit sub-office arrested Abbas Haider Naqvi in 2017, chief executive officer (CEO) of Big Board Advisory Service (Pvt) Ltd, in Karachi. Naqvi was wanted by the authorities for defrauding investors in Gilgit-Baltistan of nearly 185 million rupees, by promising returns of 18-36 percent on investments and, in some cases, 100 to 150 percent over five years. In 2013, the accountability court in Gilgit sentenced five individuals to eight years of rigorous imprisonment each for their involvement in the Big Board Scandal. They were also fined 40 million rupees (4 crore), with an additional two years in prison if they failed to pay the fine.
Origin
Big Board started its services in the Gilgit region in 2004 and lasted only a year. During this period, the company offered returns of 18 to 36 percent to its customers, and in some cases, it ranged from 100 to 150 percent per year.
Investigation
The National Accountability Bureau Rawalpindi's Gilgit sub-office arrested Abbas Haider Naqvi in 2017, chief executive officer (CEO) of Big Board Advisory Service (Pvt) Ltd, in Karachi. Naqvi was wanted by the authorities for defrauding investors in Gilgit-Baltistan of nearly 185 million rupees, by promising returns of 18-36 percent on investments and, in some cases, 100 to 150 percent over five years. In 2013, the accountability court in Gilgit sentenced five individuals to eight years of rigorous imprisonment each for their involvement in the Big Board Scandal. They were also fined 40 million rupees (4 crore), with an additional two years in prison if they failed to pay the fine.
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