July 9, 2019, was a dark day when a renowned Pakistani journalist and TV anchor, Mureed Abbas, was shot down in Karachi. It appeared like a case of street crime but the investigation into the matter revealed a shocking web of lies, involving a businessman Atif Zaman. Prima facie it was a personal dispute, but it turned out to be a bigger issue of unchecked business practices, fraud and the culture of greed that led to fatal consequences.
This case is a pure example of cheating the members of the public at large. The main reasons for this incident are the manipulation of people’s desire for quick and easy money, and the system of fraud in Pakistan which includes business schemes that prey on the trust of the public. Atif Zaman is an example that greed and lust for wealth can compel a person to go to any extent, even to the point of taking someone’s life.
“Manipulation of trust for financial gain particularly in sectors that require public investment is still a big issue in the country.”
There are many reasons that contribute to the growth of white-collar crime in Pakistan. Slow and inefficient legal and regulatory systems play an important role in this. The criminals are encouraged due to prolonged legal proceedings and lack of justice. This delay in justice is further intensified by the culture of corruption in various sectors including law enforcement, judiciary and regulatory bodies. Sometimes, the criminals influence the officials using their financial status to get weak prosecution and continue to commit fraud.
Moreover, the overall attitude of society towards corruption and dishonesty also adds to the problem. In many cases, white-collar criminals are not seen as criminals in the conventional sense. They are seen as highly successful people who have used their intelligence and resourcefulness to make money. This normalization of unethical behavior has led to a situation where people tend to overlook the consequences of financial crimes especially when committed by those in power. Many who have suffered due to such crimes find it hard to take legal action as they think the system will not support them or they fear retaliation from powerful people.
In Pakistan, financial illiteracy and lack of awareness make people vulnerable to schemes where the public is cheated. We need to address these vulnerabilities through education, stronger laws and ethical business practices. Financial literacy helps in the evaluation and scrutiny of investment opportunities and hence can reduce the exposure of the general public to scams.
Cheating with the public at large can be dealt with through a multi-faceted approach by addressing the systemic issues and the cultural attitudes of the general public. The trust of the public in anti-corruption organizations and the judiciary can be strengthened by increasing their effectiveness, transparency and pace of processing the matters entrusted to them. To have far-reaching and fruitful outcomes, corrupt elements in government functionaries and judiciary should be discouraged by all means as such elements are a cancer to society. More resources and an efficacious legal framework should be provided to regulatory bodies like SECP and anti-graft bodies like NAB to fight the delinquent elements and protect the general masses from cheating.
Awareness campaigns using different mediums are effective in reducing the risks of cheating faced by the public when exposed to fraudulent and illegitimate schemes. The public should be made aware of the harmful impacts of economic instability and social inequality that are associated with these crimes. Regular awareness campaigns by NAB, SECP, SBP and other regulators are need of the hour.
A change in behavior and attitude of society is also required to mitigate the risks associated with cheating the public at large. Most people get stuck in the trap of cheating due to the glamour of wealth, luxury lifestyle and quick success. A cultural shift towards valuing integrity and fairness in business should be encouraged to reduce the tolerance for dishonesty and fraud. Media campaigns, public speaking against corruption and promoting ethical business practices in schools and universities can help in achieving this goal.
Hundreds of fraudulent schemes surface each year in which members of the public are cheated. Such fraudulent schemes have a devastating impact on the society. People not only lose their hard-earned money but also lose the will to live due to the shock and sorrow caused by such schemes. To counter such fraudulent and cheating schemes, more financial literacy, stronger laws, media accountability and protection for whistleblowers need to be ensured. All the stakeholders need to work together to create a safer and more ethical business environment so that an incident like Mureed Abbas does not happen again.
Muhammad Mujtaba Khan,
The writer, a Project Management graduate, currently serves the Federal Government as a Money Laundering and Financial Crimes Investigator.
