Man jailed for four years, fined Rs40m

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An accountability court on Tuesday sentenced Faqir Hussain of Kohat to four years’ rigorous imprisonment and imposed a fine of Rs40 million on charges of defrauding public on the pretext of foreign trade. In case of default, the accused would have to undergo two more years of imprisonment, a press release issued by the NAB said here on Tuesday. The judgment was announced by judge of the Accountability Court NoII Khalid Badshah. According to NAB, Faqir Hussain was charged with defrauding public of Rs33.665 million between 2002 and 2005 by promising people an extraordinary share in profits in his import-export business. According to papers submitted in the court, he had promised investors a return of Rs3,000 a month on an investment of at least 100,000. He paid some instalments to investors but later refused the investors the profit or the principal amount while running a motor bargain business in Kohat.