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Olypmic medalist Usain Bolt loses millions in investment fraud

12:32 AM | 20 Jan, 2023
Olypmic medalist Usain Bolt loses millions in investment fraud
Source: Usain Bolt (Instagram)

In a shocking turn of events, legendary Jamaican sprinter Usain Bolt had to bear the distressing news of his financial loss with only $12,000 left in his bank account.

Bolt, 36, lost millions of dollars in his account with Kingston-based investment firm, Stocks and Securities Ltd. With a whopping amount of $12.7 million lost, the Jamaican athlete's lawyers are gearing up to take the case to court, if necessary.

The funds in the IAAF World Athlete of the Year 2016 recipient's account were intended to serve as a pension for his parents.

"The account was part of Bolt's retirement and lifetime savings. It's distressing news for anyone, and certainly in the case of Mr. Bolt, who established this account as part of his private pension. We will be going to court with the matter if the company does not return the funds. It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr. Bolt will recover his money and be able to live in peace,'' his lawyer, Linton P. Gordon, told Fortune magazine.

Gordon also provided the Associated Press with a copy of a letter sent to Stocks & Securities Limited (SSL) demanding that the funds be returned.

The investment firm in question, Kingston-based Stocks and Securities Ltd (SSL), issued a statement claiming that it become aware of shady activity by a former employee and resorted to law enforcement.

The Jamaica Constabulary Force stated that its investigation teams were probing "alleged fraudulent activities at (SSL) which are said to have affected the accounts of Mr. Usain Bolt among other individuals."

Bolt retired in 2017 after reigning in the global sprinting sports for over a decade, cementing himself as a household name.

Noor Fatima

The writer is a staff member.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 27, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 27, 2023 (Wednesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 289.05 292.15
Euro EUR 310 313
UK Pound Sterling GBP 361 364.5
U.A.E Dirham AED 81.5 82.3
Saudi Riyal SAR 77.05 77.8
Australian Dollar AUD 190 192
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.22 40.62
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.78 1.86
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 28, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 202,600 on Thursday.

The price of 10 grams of 24k gold was recorded at Rs 177,700. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 28 September 2023

City Gold Silver
Lahore PKR 202,600 PKR 2,495
Karachi PKR 202,600 PKR 2,495
Islamabad PKR 202,600 PKR 2,495
Peshawar PKR 202,600 PKR 2,495
Quetta PKR 202,600 PKR 2,495
Sialkot PKR 202,600 PKR 2,495
Attock PKR 202,600 PKR 2,495
Gujranwala PKR 202,600 PKR 2,495
Jehlum PKR 202,600 PKR 2,495
Multan PKR 202,600 PKR 2,495
Bahawalpur PKR 202,600 PKR 2,495
Gujrat PKR 202,600 PKR 2,495
Nawabshah PKR 202,600 PKR 2,495
Chakwal PKR 202,600 PKR 2,495
Hyderabad PKR 202,600 PKR 2,495
Nowshehra PKR 202,600 PKR 2,495
Sargodha PKR 202,600 PKR 2,495
Faisalabad PKR 202,600 PKR 2,495
Mirpur PKR 202,600 PKR 2,495

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