Modaraba Scam: NAB approves two more references for filing against 13 accused

National Accountability Bureau (NAB) has approved two more references in multi-billion Modaraba Scam against 13 accused persons on the charges of corruption and corrupt practices and cheating the public at large in the ploy of Islamic mode of investment. The references have been approved by Lieutenant Colonel Shahzad Anwar Bhatti (retd), Director General (DG), NAB, Rawalpindi Region, exercising the powers delegated to him by the Chairman NAB under the NAO1999, said a press release on Sunday.
The first reference has been approved for filing in accountability court against Ghluam Rasool Ayubi, Muhammad Imran, Hussain Ahmed and Muhammad Khalid.
NAB received more than 2,800 complaints from general public involving Rs 2.95 billion so far against Ghulam Rasool Ayubi Chief Executive of Mezban Trading Company Pvt Ltd and others alleging therein that accused persons in connivance with each other collected huge investments in the name of Modaraba (Islamic mode of business) from them under the garb of business in the name of Mezban Stores and promised attractive monthly profits @ 30 percent to 50 percent of the total profit earned on the investment, however the accused paid profit to them for a few months but defaulted later on. Neither the accused persons are paying back the capital investment nor are they paying monthly profit.
The investigation into the case revealed that accused with dishonest intent got registered a company by the name of M/s Mezban Trading Company Pvt Ltd to illegally use it as a Modaraba Company.
They also got registered a firm namely Mezban Store, under which Mezban stores were established at different places.
The business of running Mezban Stores was used by Mezban Company Pvt Ltd as a front to cheat the general public in the name of collecting investment. Initially, the accused persons paid profit to the investors for some time but defaulted later on. The so-called profit was in fact not actual profit earned from the business of Mezban Stores but was paid out of the investment made by the general public in order to gain trust and boost its confidence. Accused deprived the general public of their hard earned money to the tune of Rs 2.95 billion which may increase as new complaints are still pouring in.
The second reference has been approved by the DG NAB in this scam against nine accused persons Shabbir Ahmed, Sajjad Ahmed, Tariq Mehmood, Raja Babar Zaib Malik Faisal Sultan, Qamar Shehzad, Saif ur Rehman, Muhammad Adil and Muhammad Fayaz.
In this case, complaints were received from general public alleging therein that the accused Shabbir Ahmed, Chief Executive Al-Wasay Group and other co-accused are involved in illegal business of Modaraba and have looted/deprived the general public of their hard earned money to the tune of Rs 49,065,000. The accused persons lured the general public that they are running business of mining etc with a company namely Mega Links Pvt Ltd.
Islamabad and offered attractive profits for their investments on monthly basis. They received heavy investments in the name of Modaraba, paid abnormal profits initially and later on not only they stopped paying the profit but also disappeared.
The accused Shabbir Ahmed was a Khateeb at Jamia Masjid Al-Badar, Model Town, Taxila.
He instigated general public against present banking system and profit received on investment with National Saving Centre or banks.
He urged them to invest in his halal business of Modaraba and offered attractive profit.
Due to his religious background, he easily gained the trust of general public and he then fraudulently convinced them for investment in the name of Modaraba by assuring them that he is related to a company namely Mega Links Pvt. Ltd which is running business of quarrying and mining at Islamabad and earning huge profits. Currently, NAB is pursuing 81 cases of cheating public at large by way of illegal modaraba/musharika business of which at different stages including investigation, inquiry, complaint verification and at initial stage of complaint.
On the direction of the Chairman NAB, Qamar Zaman Chaudhry, the Regional Bureaus is actively pursuing the cases of looting the public at large especially the Modaraba scam to bring the culprits to task and recover the hard earned money of the general public falling prey to these fraudulent schemes.