Modaraba scam: NAB arrests employee of medicine firm

Jamshed Khan allegedly looted the public of Rs2.71 billion.


Our Correspondent June 03, 2015
All those affected by the company’s malpractice have been advised to submit their claims to the K-P NAB director general. PHOTO: www.nab.gov.pk/

PESHAWAR: The Khyber-Pakhtunkhwa National Accountability Bureau arrested Jamshed Khan, an employee of Life Medicine Company (LMC), from the provincial capital on Wednesday for his alleged involvement in a modaraba scam.

Khan was produced before an accountability court in Peshawar which granted a seven-day physical remand of the suspect.

During investigations, it was revealed that Khan had conspired with owners and other partners of the company to lure people into giving money to the fake firm on the basis of Islamic financing.

However, it was later discovered that LMC did not run a modaraba business.

Furthermore, Khan managed to swindle Rs2.71 billion from the public and absconded with the money. Investigations revealed the accused had invested the amount into an oil and scrap business in UAE.

According to an enquiry, Khan was not directly involved in collecting money from the victims, but circulated pamphlets about the scheme through his agents and subagents.

On January 10, 2013, NAB arrested two LMC officials in Doaba, Hangu for allegedly swindling people of their hard-earned money.

All those affected by the company’s malpractice have been advised to submit their claims to the K-P NAB director general.

In March, NAB arrested Naseem Gul and Kashif Zeb of the Amazing Finance Company in Hangu for cheating the public of millions of rupees. The suspects lured investors into giving money to their fake firm again on the basis of Islamic financing. Claims of up to Rs30.42 million had been received against them.

Published in The Express Tribune, June 4th, 2015.

 

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