Karachi, March 12, 2024 – Prominent industrialists and business leaders in Karachi have come together to condemn the alleged misuse of the cheque bounce law by authorities, expressing concern over a new wave of fraud targeting industrialists and businessmen.
In a joint press conference, representatives from various trade organizations, including the Korangi Association of Trade and Industry (KATI), Federation of Pakistan Chamber of Commerce and Industry (FPCCI), and Karachi Chamber of Commerce and Industry (KCCI), demanded a thorough investigation into the matter.
President of KATI, Johar Qandhari, shared his personal experience of being falsely accused based on bounced cheques, asserting that the charges were part of a fraudulent scheme. Qandhari presented call data records as evidence, emphasizing his lack of connection with the plaintiff. He suggested potential involvement of bank staff in the fraudulent case, criticizing the lack of verification by the bank when declaring the cheques as bounced.
Qandhari revealed that he had been blackmailed by unknown individuals to pay a substantial sum for his release. The CCPO and DIG collaborated with him, and forensic examination of the cheques uncovered forged signatures and seals, providing concrete evidence of malicious intent. The FIR against Qandhari has been upgraded to a C class, and he expressed hope for a fair decision based on merit.
The press conference aimed to raise awareness about fraudulent practices and protect businessmen from falling victim to similar schemes in the future. Qandhari called on the administration and relevant institutions to expose those exploiting businessmen through this method.
FPCCI Senior Vice President Saqib Fayyaz Maggoo condemned the misuse of the cheque bounce law, emphasizing its original purpose to benefit the business community. He appealed to higher authorities to provide protection to businessmen facing such incidents.
Asif Sum Sum, Chairman of ABAD, called for the implementation of proper procedures in handling cheque bounce cases, urging action from Chief Minister Sindh, IG Sindh, and Karachi Chief to address the issue.
Javed Bilwani, Coordinator of the Textile Exporters Forum, praised Qandhari for exposing fraudulent activities and urged all town associations to bring such matters to light. Bilwani emphasized that the abuse of the cheque bounce law could undermine investor confidence, impacting the country’s overall capital.
KATI’s Deputy Patron-in-Chief Zubair Chhaya echoed the sentiment, emphasizing the need for practical steps to prevent such incidents in the future. Chhaya warned of severe reactions if immediate actions were not taken and stressed that the cheque bounce law should serve the convenience, not the difficulty, of the business community. The united stance of all town associations was pledged in support of Qandhari and the fight against the misuse of the cheque bounce law.
