Friday, April 19, 2024

Business leaders seek probe into cheque bounce law misuse

In a unified stance against the misuse of the cheque bounce law, a coalition of prominent industrialists and business leaders from various trade organizations in Karachi held a joint press conference.

Led by President Johar Qandhari of the Korangi Association of Trade and Industry (KATI), the gathering included representatives from several chambers and associations, including the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI), and others. Expressing grave concern over the emergence of fraudulent schemes targeting industrialists and businessmen, Qandhari shared his own experience of being falsely accused based on bounced cheques.

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He presented call data records as evidence to demonstrate his lack of connection with the plaintiff and highlighted suspicions of potential involvement of bank staff in the fraudulent activities. Qandhari revealed that he had been subjected to blackmail for a hefty sum for his release, and forensic examination of the cheques revealed forged signatures and seals, indicating malicious intent behind the case.

Despite the absence of plaintiffs in court, the case has been upgraded to a C class FIR, prompting calls for a thorough investigation to ensure a fair and just outcome.

The press conference aimed to raise awareness about such fraudulent practices and protect businessmen from falling victim to similar schemes in the future.

FPCCI Senior Vice President Saqib Fayyaz Magoon condemned the misuse of the cheque bounce law and appealed to higher authorities to provide protection to businessmen.

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Chairman of the Association of Builders and Developers (ABAD), Asif Sumsum, called for the implementation of proper procedures in handling cheque bounce cases and urged action from relevant authorities to address the issue.

Javed Bilwani, Coordinator of the Textile Exporters Forum, commended Qandhari for exposing the fraudulent activities and emphasized the need for all town associations to bring such matters to light.

Deputy Patron-in-Chief of KATI, Zubair Chhaya, stressed the importance of practical steps to prevent similar incidents in the future and warned of severe reactions if immediate actions were not taken.

The united stance of all town associations was pledged in support of Qandhari and the fight against the misuse of the cheque bounce law, highlighting the significance of protecting the interests of the business community.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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