Business
Official Investigation Launched: Multan Municipal Corporation Probes Rs 3.5 Million Fraud Case
MULTAN: A massive financial fraud exceeding Rs 3.5 million has been unearthed within the Regulation Branch of the Multan Municipal Corporation, sparking alarm across the city. Investigations reveal that a municipal employee, Beldar Muhammad Bilal, allegedly misappropriated official challan books and issued counterfeit receipts, resulting in a significant scam.
The embezzlement came to light during a comprehensive audit of the corporation’s financial records and the probing of numerous public complaints. According to sources, the Superintendent of Regulation had received several reports accusing the ALS gang—allegedly led by Muhammad Bilal, with accomplices Muhammad Akmal and Abdul Rauf Gilani—of extorting fines from citizens through harassment. However, the amounts collected were never deposited into the government exchequer.
Further inquiries uncovered that this network operated at key public locations such as the historic Qila Kuhna Qasim Bagh, where they prepared forged receipts. These fake documents were reportedly approved with the involvement of higher-ranking officials within the corporation, adding to the gravity of the situation. Muhammad Bilal is believed to have played a central role in facilitating this fraudulent activity, exploiting official challan books to siphon off public funds.
The Municipal Corporation has since launched a full-scale investigation into the matter, with expectations that more individuals complicit in the fraud will be exposed. Authorities have assured the public that stern action will be taken under the PEEDA Act against all those found guilty, while an immediate audit of all enforcement books is being conducted to assess the extent of the financial loss.
This scandal casts a shadow over the transparency and accountability of the Municipal Corporation, raising serious concerns about internal oversight mechanisms. The incident has not only shaken public trust but also highlighted the urgent need for stringent anti-corruption measures within government departments to ensure such breaches of trust are swiftly addressed.
Business
A billion laser points helped bring Notre Dame back to life
After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.
The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.
“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”
Business
Inflation was the cause, not the result, of the ‘hot’ labor market, research shows
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
The Great Resignation was in full swing.
That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.
But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.
Business
The Container Store files for bankruptcy
The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.
The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.
The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.
“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”
Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.
The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.
The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.
The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.
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