Pakistani Fintech CEO Arrested For Defrauding Partner + Deceiving Foreign Investors - Android

Punjab Police has arrested Ghazanfar Ali Khan, the CEO of Zing Digicomm, a fintech company providing branchless banking platform to… Read More

The post Pakistani Fintech CEO Arrested For Defrauding Partner & Deceiving Foreign Investors appeared first on .

Punjab Police has arrested Ghazanfar Ali Khan, the CEO of Zing Digicomm, a fintech company providing branchless banking platform to banks throughout Pakistan, for defrauding his business partner, Aurangzeb Khan.

According to the FIR lodged by Aurangzeb Khan, Zing Digicomm had collectively secured investment worth Rs. 190 million and attracted Foreign Direct Investment (FDI) from China to set up a branchless banking service in Pakistan.

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Zing Digicomm also signed agreements with multiple banks for deploying a branchless banking network in the unbanked areas of Pakistan.

Due to years of experience of serving in Habib Bank Limited (HBL), Wateen, and PTCL, Ghazanfar was tasked to oversee the top-line growth of Zing Digicomm.

Aurangzeb Khan has claimed that he is yet to receive any profit from Zing Digicomm despite the company winning contracts worth millions.

However, there’s a twist to the tale. Ghazanfar Ali Khan and Aurangzeb Khan had founded Zing Digicomm on the 9th of September 2016 with an equity split of 34% and 66% respectively.

On 26^th October 2016, Ghazanfar Ali Khan along with Umer Hayat Khan from HBL had set up another similarly named company, Zing Technologies.

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Aurangzeb Khan has alleged that Ghazanfar Ali Khan secured investment and signed contracts worth millions through Zing Technologies, the company founded by Ghazanfar and Umer.

He added that Ghazanfar and Umer forged documents and used fake signatures. Investors thought they were signing deals with Zing Digicomm but in reality, they were signing contracts with Zing Technologies.

Aurangzeb Khan has claimed that this fraud has adversely impacted his reputation in China and his credibility in bringing CPEC related projects to Pakistan has been dealt a severe blow.

On the other hand, Ghazanfar Ali Khan has denied allegations leveled against him in the FIR as he awaits bail.

Here is a copy of the FIR.

Via: Profit

The post Pakistani Fintech CEO Arrested For Defrauding Partner & Deceiving Foreign Investors appeared first on .