NAB catches Modarba scam absconder
Accountability Court has declared Uzair Shah a proclaimed offender in the Rs270 million Modarba scam
NAB Rawalpindi has arrested a fugitive wanted for cheating public in the name of Islamic investments through a fake Modarba. PHOTO: National Accountability Bureau
ISLAMABAD:
The National Accountability Bureau (NAB), Rawalpindi has arrested a fugitive wanted for cheating public in the name of Islamic investments through a fake Modarba.
The Accountability Court had declared Uzair Shah a proclaimed offender in the Rs270 million Modarba scam.
NAB produced Uzair Shah before Accountability Court in Islamabad and got his nine-day physical remand to interrogate him.
He was wanted along with Riaz Khan and others for charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment, said a NAB statement.
So far 113 victims of the scam have approached this bureau and have lodged a cumulative claim of approximately Rs269.61 million, the statement said.
It was also revealed during the course of investigation that the accused persons after receiving the investment from general public set up the business on name of Modarba and assured the affectees of very high profit but they failed to run the said businesses and therefore deprived the investors of their hard earned savings.
Once NAB started investigating the matter, Uzair Shah submitted an application of voluntary return in February 2015 in which he showed willingness to pay back the liability against him.
He submitted the original papers of his properties located in Attock city. But later on the accused disappeared and refused to appear before the investigation team.
Finally, he was caught and produced before the court.
Published in The Express Tribune, February 7th, 2018.
The National Accountability Bureau (NAB), Rawalpindi has arrested a fugitive wanted for cheating public in the name of Islamic investments through a fake Modarba.
The Accountability Court had declared Uzair Shah a proclaimed offender in the Rs270 million Modarba scam.
NAB produced Uzair Shah before Accountability Court in Islamabad and got his nine-day physical remand to interrogate him.
He was wanted along with Riaz Khan and others for charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment, said a NAB statement.
So far 113 victims of the scam have approached this bureau and have lodged a cumulative claim of approximately Rs269.61 million, the statement said.
It was also revealed during the course of investigation that the accused persons after receiving the investment from general public set up the business on name of Modarba and assured the affectees of very high profit but they failed to run the said businesses and therefore deprived the investors of their hard earned savings.
Once NAB started investigating the matter, Uzair Shah submitted an application of voluntary return in February 2015 in which he showed willingness to pay back the liability against him.
He submitted the original papers of his properties located in Attock city. But later on the accused disappeared and refused to appear before the investigation team.
Finally, he was caught and produced before the court.
Published in The Express Tribune, February 7th, 2018.