GUJRANWALA - Sheikh Mahmood Iqbal, the prominent billionaire owner of Master Tiles, found himself in hot water as he was apprehended following allegations of issuing bounced cheques. In a startling twist, the FIR reveals that Iqbal is accused of owing an astounding 12 crores in unpaid electric bills to the Gujranwala Electric Power Company (GEPCO).
The arrest of Sheikh Mahmood Iqbal, a well-known figure in the business world, has sent shockwaves through the community. His detention stems from the issuance of bounced cheques, which has raised eyebrows and generated significant interest.
Allegations of Unpaid Electric Bills:
Adding to the intrigue, the FIR filed against Sheikh Iqbal indicates that he owes GEPCO a staggering 12 crores in unpaid electric bills. This revelation has brought intense scrutiny to his financial dealings and raised questions about the financial health of his businesses.
Local authorities are now delving into the specifics of the case, seeking to uncover the details surrounding the bounced cheques and the outstanding electric bills. This high-profile investigation is expected to shed light on the circumstances that led to these allegations against the billionaire businessman.
Impact on Business Empire:
Sheikh Mahmood Iqbal’s arrest and the allegations against him have left many wondering about the potential consequences for his extensive business empire, including Master Tiles. Investors, employees, and stakeholders are closely monitoring the situation for any developments.
Sheikh Mahmood Iqbal’s arrest and the subsequent allegations of bounced cheques and unpaid electric bills have cast a spotlight on one of Pakistan’s wealthiest individuals. As the investigation unfolds, the business community eagerly awaits further details regarding this high-profile case.