The Accountability Court No 1, headed by Judge Syed Ale Maqbool Rizvi, on Wednesday announced judgement in Alliance Motors Scam case convicting three former accused directors and partners. Those convicted were Mohammed Ibrahim, director and partner in custody, Mohammed Tayyab, partner in custody and Hamid Ali Qureshi, director on bail.
They were sentenced to undergo 5 year RI with confiscation of all the properties in their names and in the name of deceased main accused Pir Asghar Ali Qureshi. All the three accused will stand disqualified for 10 years within the meaning of section 15 of National Accountability Ordinance.
Accused Hamid Ali Qureshi, on bail, was taken into custody and sent to jail. The charges against the accused were that they, in connivance and collusion with each other, siphoned public money to the tune of Rs 3751 million through illegal and fraudulent means, acquiring gains for themselves with corresponding pecuniary advantages.
The partnership concern M/s T.J Ibrahim and Company was formed in 1979-80. It had the patronage of deceased Pir Haji Mohammed Usman who had thousands of followers belonging to all walks of life. He, through his spiritual lectures, used to induce his followers to deposit their savings with T.J Ibrahim and Alliance Motors.
By inducing the public at large to get them attractive profits by investing their money in profitable business, the accused collected approximately Rs 3.75 billion as per claim of 48,250 investors. However, no such business was set-up by them and rather the collected money was diverted to their relatives, close associates, friends and unknown persons and thus deceived and cheated the public at large.
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