Accountability: NAB freezes assets of ‘Double Shah’

Suspect accused of swindling billions from unaware investors.


Our Correspondent February 16, 2015
Khaliq is believed to have cheated people all the way from the remote areas of K-P down to Central Punjab. STOCK IMAGE

PESHAWAR: National Accountability Bureau’s Khyber-Pakhtunkhwa (K-P) chapter has frozen the properties of Afzal Khaliq alias Double Shah of AK Forex Private Limited, Wah Cantt. He is accused of using his agents to swindle billions of rupees from unsuspecting investors under the garb of Islamic financing (Modaraba/Musharika).

Khaliq is believed to have cheated people all the way from the remote areas of K-P down to Central Punjab. The estimated cost of his properties is Rs1.5 billion.

During the course of his physical remand, the accused revealed he and his benamidar (person under whose name some of the property is), Muhammad Naveed Akhtar, owned Edible Oil Extraction Limited in Bahawalpur which covered 120 kanals. Other properties included 31 kanals and 12 marlas of land in Rawalpindi and Taxila. 795 kanals and one marla properties in Rajanpur, Punjab as well as 57 kanals and 14 marlas in Sialkot.



Double Shah, as he is commonly known, has already been arrested and is in Central Prison Peshawar.

The suspect was taken into custody by NAB in July 2014 from Lahore’s Allama Iqbal International Airport. The bureau’s officials had earlier placed his name on the Exit Control List (ECL).

In a press release following his arrest, NAB said Shah cheated the public and deprived people of billions in the name of Modaraba (Islamic investment)/Musharika businesses. The bureau later obtained his physical remand from an accountability court.

In a statement released later on August 8, NAB said its headquarters and all regional offices established desks to “especially facilitate affectees of Modaraba scams and the public in general.”

Published in The Express Tribune, February 17th, 2015.

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