Mufti Ghulam Rasool Ayubi, a prime suspects in a multibillion rupee 'modaraba scam', has been granted interim bail till February 16. Mufti Ayubi was arrested by the National Accountability Bureau in February last year for his alleged involvement in a Rs 2.95 billion modaraba scam as he allegedly deprived hundreds of innocent people of their hard-earned money in the name of 'safe investment.
The interim bail was granted by Islamabad High Court (IHC) judges Noor-Ul-Haq N. Qureshi and Shaukat Aziz Siddiqui. The court while granting bail directed him to submit a surety bond of Rs one million along with two personal guarantees. Ayubi submitted an affidavit in the court, promising that the amount of 2.95 billion would be returned to the affectees.
According to the NAB, the accused successfully persuaded people in mosques and madrassas against the present banking system and invited investment in the name of Modaraba and Musharika in cash. He promised to pay monthly profit of Rs 5, 000 to Rs 9, 000 against each investment of Rs 100, 000.
The NAB stated that the accused were paying some amount to the investors as 'monthly profit' and this amount has been calculated as around 40% of the total investment in these fraudulent schemes. The major affected areas included people from Hazara Division, Federally Administered Tribal Areas, Malakand Division, Potohar region and Azad Jammu and Kashmir.
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