ISLAMABAD   -  Shokat Ullah Khan, CEO & Founding Chairman of ISMMART Group has been granted second 7 day physical remand till July 27th in an investigation on cheating public at large through a ponzi scheme on Saturday by ATC-II Judge Tahir Abbas Sipra, who was a duty judge in Special Courts at Federal Judicial Complex, Islamabad. NAB Prosecutor, Usman Masood Mirza appeared in court and sought 14 day physical remand of accused Mehmood Ullah Khan for further investigation in the ponzi scheme where 1644 complaints have been submitted to NAB portal by the affectees. Rs2.7 billion liability has been determined by NAB so far. NAB has started inquiry in the Ponzi Scheme after receiving complaints from the affectees. There are also investigations going on in FIA referred from State Bank of Pakistan under Section 41-B of SECP ACT in which Rs26 billion worth Suspicious Transactions Report (STRs) were reported from 30 to 35 bank accounts. NAB started inquiry first, now they are in investigation stage and investigation is likely to end up in a reference soon.

First physical remand of Shokat Ullah Khan was given to NAB on July 13 for 7 days. It has also been reported that ISMMART Group was offering 15 to 16% profit to their clients in investments. Securirues and Exchange Commission of Pakistan (SECP) issued a press release on September 25, 2023 where they warned the public not to deposit / invest funds with Shokat Ullah Khan and companies of ISMMART Group in whatsoever form for and or arrangement, as they’re not allowed to accept deposits / funds from anyone.