Modarba case: NAB files reference in Rs95 million scam
Rawalpindi NAB has filed four references in the modarba scam
PHOTO: www.nab.gov.pk/
ISLAMABAD:
The National Accountability Bureau (NAB) has filed a corruption reference in the Rs95.52 million modarba case in the Rawalpindi Accountability Court against the Islamic Investment Chief Executive Officer (CEO) Muhammad Nazeer and others.
The accused have been charged on corruption, corrupt practices and cheating public at large in ploy of Islamic mode of investment.
Rawalpindi NAB has filed four references in the modarba scam. Moreover, the bureau filed reference in the Rawalpindi Accountability Court, in the Rs48.410 million modarba scam.
This reference has been filed against Muhammad Bilal of Bilal Trading Corporation and other accused persons on charges of corruption, corrupt practices and cheating public at large.
Similarly, the third corruption reference of Rs5.95 million in modarba case was filed in court against Muhammad Yasir son of Muhammad Gulistan, CEO Al Jazeera International and other accused persons.
In the fourth corruption reference, the bureau has filed reference in Rs25.02 million modarba case in court against Shamsur Rehman, CEO Al Baraka Marketing and other accused persons.
During investigation it transpired that the accused persons induced public at large to invest amount in their illegal modarba/musharika business against attractive profits and thus looted the general public.
The investigation teams are trying hard for recovery of the looted money and have traced some properties, houses and agricultural lands, which have been seized.
NAB Rawalpindi Director General Zahir Shah said that the bureau was committed to eradicating corruption in line with directions of NAB Chairman Qamar Zaman Chaudhary, and therefore, all efforts were being made to arrest corrupt individuals in order to bring them to justice and recover hard-earned looted money of the innocent people.
Published in The Express Tribune, December 17th, 2015.
The National Accountability Bureau (NAB) has filed a corruption reference in the Rs95.52 million modarba case in the Rawalpindi Accountability Court against the Islamic Investment Chief Executive Officer (CEO) Muhammad Nazeer and others.
The accused have been charged on corruption, corrupt practices and cheating public at large in ploy of Islamic mode of investment.
Rawalpindi NAB has filed four references in the modarba scam. Moreover, the bureau filed reference in the Rawalpindi Accountability Court, in the Rs48.410 million modarba scam.
This reference has been filed against Muhammad Bilal of Bilal Trading Corporation and other accused persons on charges of corruption, corrupt practices and cheating public at large.
Similarly, the third corruption reference of Rs5.95 million in modarba case was filed in court against Muhammad Yasir son of Muhammad Gulistan, CEO Al Jazeera International and other accused persons.
In the fourth corruption reference, the bureau has filed reference in Rs25.02 million modarba case in court against Shamsur Rehman, CEO Al Baraka Marketing and other accused persons.
During investigation it transpired that the accused persons induced public at large to invest amount in their illegal modarba/musharika business against attractive profits and thus looted the general public.
The investigation teams are trying hard for recovery of the looted money and have traced some properties, houses and agricultural lands, which have been seized.
NAB Rawalpindi Director General Zahir Shah said that the bureau was committed to eradicating corruption in line with directions of NAB Chairman Qamar Zaman Chaudhary, and therefore, all efforts were being made to arrest corrupt individuals in order to bring them to justice and recover hard-earned looted money of the innocent people.
Published in The Express Tribune, December 17th, 2015.