Following a months-long probe into Pakistani FinTech, Tag, The State Bank of Pakistan has asked the firm to “immediately” refund all funds to customers before August 19.
This, the firm said is a result of its violation of the regulatory requirements and “other concerns,”.
According to a report by ‘TechCrunch’, Ahsan Khan, co-founder of Tag, had accused the startup’s other co-founder, Talal Gondal, of forging documents for the central bank; upon discovery of the fraudulent act the bank suspended the startup, he wrote in a letter to investors in June.
“I had come to know of Talal Ahmad Gondal’s unscrupulous and unprofessional conduct while running TAG since 31st March 2022 (and had suspicions and concerns about his conduct long before then, and I resigned from Advisor/COO position of TAG Pakistan as of 1 April, 202 when I came to know about Talal’s case.),” Khan wrote in the letter dated June 16, which was obtained by TechCrunch.
“At present, I am facing illegal actions by the other founders, Talal Ahmad Gondal and Alexander Lukianchuk, by which they have attempted to oust me as a founder and stockholder in TAG Fintech on wholly fabricated grounds. It appears this action has been undertaken by both of them acting in concert to deflect blame and liability to me alone, which is quite an unfortunate turn of events as I have consistently acted as the sane, prudent, and, cautious Founder since the inception of TAG. It is therefore imperative that our Investors, who have invested valuable sums into TAG for the bonafide enterprise and return on their investment, are made aware of the alarming state of affairs at present.”