ISLAMABAD: The National Accountability Bureau (NAB) has started investigation against Azgard Nine Group for allegedly increasing the prices of its shares despite facing deficit.
The action was taken after the Security Exchange Commission of Pakistan (SECP) report revealed that the Jahangir Siddiqui group had increased the prices of the shares of Azgard Nine and made payments to an unidentified person. It was revealed in the report that prices of Azgard Nine group’s shares were increased from Rs 24 to Rs 70.
The price of Azgard Nine group was increased artificially from April 2007 to June 2008, said the SECP report. Ali Jahangir, the son of Jahangir Siddiqui, was the director of Azgard Nine group, and the GS group was the second leading shareholder of Azgard Nine group. Ali Jahangir is accused of paying Rs 140.30 million to an unidentified person who withdrew a heavy amount from the JS bank.