Four IBA students launched a financial portal “Investor’s Lounge“ and got arrested for infringing copyrights and intellectual property rights. The portal was successfully incubated at Pasha’s NEST I/O and was able to secure funding from Arpatech Ventures as well. But the company called AMZ MAK Capital who is also the the complainant, alleged that founders of “Investor’s Lounge” were its former employees, namely Baqar Abbas Jafri, Sennen D’Souza and Hammad Ali Hashmi along with Waqar Ehsan. Along with 12 other team members they were assigned task to be develop an investor’s social media platform.
IBA Entrepreneurs Get Arrested for Stealing Source Code
AMZ MAK representer Mir Muhammad Ali Khan, claimed that Baqar Jafri, the main guy behind “Investor’s Lounge” stole the entire code which was worth of Rs. 14 million) and then planned to launch his own platform with minor modifications. On the other hand, Jehan Ara, the Chairman PASHA and the face of NEST I/O, claimed that “Investor’s Lounge” was developed in front of her eyes when it was incubated at NEST.
AMZ MAK Capital, approached the Sindh court for registering this as a fraud case. After establishing the facts before the judge the case was allowed to proceed further which resulted in the arrest of the four founders.
Court will now listen to both the stance and will determine the outcome.