Now, when such a big fraud has been committed and Rs 1.5 – Rs 1.75 billion of the investors has been washed out, Chairman SECP and top management of PSX are blaming the naivete of the investors for trusting a fake broker, saying, "Wamiq was not a broker (TREC holder) and we cannot take this responsibility." Wamiq was issued his own book accounts by the SECP and he was dealing with Zafar Moti at that time. SECP had sent a warning letter to Wamiq at his home address in Nazimabad.