Modaraba scandals: Mufti Ehsan, Ayubi arrested after rejection of bail pleas

Accused facing charges of swindling people

ISLAMABAD: The National Accountability Bureau (NAB) on Monday arrested eight suspects including the key suspect for their alleged involvement in the over Rs11.5 billion modaraba scams.

Mufti Ehsanul Haq, Ghulam Rasool Ayubi and their accomplices allegedly involved in two major Modaraba scams were arrested from the premises of the Islamabad High Court (IHC) following rejection of their bail applications.

Ehsan, Ayubi and others have been arrested on charges of corruption and cheating public through two Modaraba scams worth Rs8.2 and Rs3.3 billion.

Earlier, the IHC had granted bail to the suspects after they assured the court that they would return the money to the affected people, and submitted a schedule for its return.

In August 2015, Ehsan had assured the court to return the entire outstanding amount in 18 months, while Ayubi was scheduled to return the due amount in 12 instalments.

The suspects, however, did not abide by their commitments after being released on interim bail.

Consequently, the NAB Additional Deputy Prosecutor General, Sardar Muzaffar Abbasi, moved an application seeking rejection of the bail of the suspects.

The NAB prosecutor maintained before the court that the suspects did not fulfill their commitments and deserved no relief from the court.

“Despite their assurance to return the money, they have not paid a single instalment,” he said.  The bench dismissed the bail applications, following arguments, and after the court’s decision, the NAB officials arrested the suspects.

Published in The Express Tribune, January 12^th, 2016.