We have heard in many speeches from Politicians, celebrities, businessman and public speakers that youth is the future of Pakistan. That youth has the power to change the course of time and make it our own. That youth has the potential to make this country better economically, financially, artistically. Then why when youth decides to step forward and really starts to make a difference, then those same politicians, businessman, public speakers put a stop to it put a barrier in front of us. Why?
I tell you why because the big people upstairs who have the control over everything doesn’t want the youth to excel why? Well. Maybe they know that if they let the youth to come forward then the youth would actually make a change in society and will show the big people upstairs that what they couldn’t accomplished in years they have achieved in just a short time.
Which takes us to the story of four young entrepreneurs who wanted to bring something new to the people of Pakistan. To those who are new to business and need some guidance, to those who are new at stocks and need some investment advices so these four Baqar Jafri, Senne D’Souza, Waqar Ehsan and Hammad Ali Hashmi created a social media website or a social hub by the name of “Investor’s Lounge” where anyone who is interested in making investment and doesn’t know from where to start can get an advice or guidance. It was a noble thought, and a remarkable business idea. And to sustain any business idea you need a collaboration or a partnership with a company which can cover your financial needs. So in 2013 these young idealists met one of the Pakistan’s most influential entrepreneur Mr. Mir Muhammad Ali Khan and proposed their idea to him and as it turns out he must have liked their idea and became their investor to make this a reality.
But according to Mr. Khan, this idea was his and to make it happen he hired them in 2013 to work with his team. But after two years they stole the source code of that website which was worth 1.4 Crores PKR (Now this is exactly the same amount which Mr. Baqar claims that Mr. Khan invested in their idea.)
Response from the Co-Chairman of AMZ MAK Capital:
“I hired them right out of university with no experience. Have them everything. Trained them for two years. Polished them. Groomed them. Introduced them to the corporate culture. Gave them the highest of salaries. And Baqar with his childhood friend Hammad Hashmi and his university buddy Sennen d”Souza stole the entire developed platform and its source code changed the interface and launched INVESTORS LOUNGE. Judge ordered a thorough investigation before he ordered the arrest. I give two hoots about money. Everything I do is for free to the youth for 5 years. But I cannot tolerate outright fraud.”
“I cannot tolerate outright fraud” maybe I cannot stress this enough but this sentence makes MAK a little hypocrite given their such a glamourous and controversial past. And this is not just a written accusation but a factual article “Was He Wiser Than the Wise Guys” published in the year 2000 by Diana B. Henriques:
Mr. Khan is a fugitive from justice in New York, where state prosecutors accused him last spring of stealing millions of dollars from several of his brokerage firm’s customers — including some who also happened to be members of the Gambino organized crime family. The Gambino customers, one of whom is in federal prison, have expressed their annoyance by filing a lawsuit against the absent financier and one of his top brokers.
And U.S. Financial Group? Supposedly a diversified corporate empire, it apparently existed only in an inch-thick stack of paper that Mr. Khan filed with the Securities and Exchange Commission. The S.E.C. subsequently sued him, accusing him of ”vastly overstating” his business operations in those documents and others he used to raise money from investors and attract support from business leaders, including the former chief executive of Kmart and a top executive at Forbes magazine.
Finally, federal prosecutors in Manhattan have filed a criminal complaint against Mr. Khan, accusing him of committing securities fraud by using lies and exaggerations to entice at least 55 people to invest nearly $3 million in his brokerage firm.
It is the plight of the Gambinos that makes Mr. Khan’s story so intriguing. It is not unusual these days for organized crime figures to stand accused of manipulating sales of speculative penny stocks. But how could Joseph and Thomas F. Gambino — themselves such experienced criminals — have found themselves, as they contend in their lawsuit, the marks in just such a swindle? Their court complaint offers an explanation that surely resonates with penny-stock victims everywhere: They had ”a relationship of trust” with their broker.
And that trust, the Gambinos contend, was betrayed.
After learning the truth about MAK and their CEO Mr. Khan are we that naïve to fall for his scamming all over again. And if they really hired those 4 entrepreneurs then where is the contract letter where is the appointment letter, I mean people don’t really hire without any terms and agreements right and when it is the matter of 1.4 Crores then I believe the experienced business man like Mr. Khan must have all these made so if he has, then where is it. Why isn’t he showed them yet. Because they weren’t really hired and this idea was not of Mr. Khan but Mr. Baqar and yes these four people made a mistake of trusting him by describing the whole idea and got betrayed just like Mr. Gambino was.
And yes this is absolutely correct that they went to NEST IO to work on their software and and from there we got the response of Ms. Jehan who is the President of PASHA:
“I know these kids and they are very honest and sincere. I have seen them develop this platform from scratch. After they got investment from Arpatech they have pivoted and re-developed the entire platform based on input from one of the board members who is on the board of Arpatech and has vast experience in finance and tech. Baqar himself has experience and in depth knowledge of the capital markets.”
So after getting ourselves familiar with the actual truth this is my utmost request don’t make decision based on the side which is powerful because power corrupts; absolute power corrupts absolutely. I believe in the people of Pakistan and judicial system of our country and Inshallah justice will be given to Mr. Baqar and his friends.
Written by: Danish Sayani