Fraud by Pakistani Firm Sparks Outrage in Business Community; Concerns Rise Over International Investment

(Web Desk): The Pakistani business community is in uproar following a significant fraud incident involving Qatar’s prominent businessman, Shahabuddin, and his company M/S Armaros trading & Contracting. The firm made a substantial payment through RDA for the procurement of solar inverters and solar panels from a Pakistani Businessman Iftikhar zaman , Iftikhar zaman mobiles, only to be deceived with a fake TCS booking receipt.

Shahabuddin’s efforts to track the delivery were met with misleading information, with the Pakistani company claiming customs clearance issues. Upon further investigation, it was uncovered that the entire transaction was a sham. The Qatari businessman was not only defrauded but also faced death threats from individuals impersonating customs officers, using a spoofed U.S. number.

This scandal has raised serious concerns over Pakistan’s international reputation. Asif Shehzad, an International Trade Advisor, expressed grave concern and called for immediate legal action against the perpetrators. “Pakistan is navigating through one of its most challenging economic periods. Incidents like these are severely damaging our global standing. Immediate action is crucial to prevent further erosion of investor confidence,” he remarked.

The incident has sent shockwaves through the business community, sparking fears about the future of foreign investment in Pakistan. Business leaders are urging the government to take decisive action to ensure that such fraudulent activities are curbed, and the country’s international image is restored.

The community has also warned that failure to address such incidents could have long-term be consequences for Pakistan’s trade relations and economic growth, emphasizing the need for swift and effective measures.