Modaraba scam: Another suspect arrested, sent on 14 days remand

ISLAMABAD:

The National Accountability Bureau (NAB) Rawalpindi has arrested another suspect in the multi-billion Modaraba scam.

Ijaz Anwer of Global Concerns in connivance with Matiur Rehman cheated people in the name of Modaraba, the Islamic mode of investment and deprived them of millions of rupees.

He was arrested from Rawalpindi and produced before an accountability court in Islamabad on Friday. The court granted 14 days physical remand of the suspect to the NAB for further interrogation.

The main accused in the case, Matiur Rehman, is already on judicial remand at Adiala Jail.

NAB filed an initial reference against the main accused Mufti Ehsanul Haq, chief executive of Fayyazi Group of Industries, in February last year. He was arrested in April last year. He appealed for voluntary return and on June 18, submitted a cheque for Rs552 million. Mufti Ehsan submitted 20 pay orders of Rs446m and promised to deposit the remaining amount in one month. Three months after his release Ehsan disappeared and shut down his office. NAB put his name on the ECL. He was re-arrested in October last year.

According to NAB, so far 27,208 affected people have lodged complaints with the NAB in 11 cases amounting to Rs31.05 billion. The main case relates to the illegal Modaraba venture Mufti Ehsan was operating in Rawalpindi. He was paying Rs8,000 per month on an investment of Rs100,000 and assured the investors that profits would also be reaped from ‘Halal’ sources. People invested between Rs50,000 and Rs1m.

The NAB Rawalpindi is pursuing 81 cases of against 13 accused on the charges of corruption and corrupt practices and defrauding people, including Bilal Khan Bangash, Masseha Forex, Matiur Rehman of Global Concern, Muhammad Ehsan, Hafiz Salahuddin, Noman Qureshi, Abdullah, NE Associates, Abdullah Khan Muhammad, Al-Shamim Enterprises, Malik Haroon Tabreez and Ghulam Haider.

Published in The Express Tribune, August 30^th, 2014.