Former attorney general of Pakistan (AGP) Justice (retd) Malik Qayum, along with 11 other beneficiaries of the Rs1.38 billion Forex scam, have agreed to surrender money and property worth Rs400 million to the National Accountability Bureau (NAB), The Express Tribune has learnt.
With the transfer of the head of the Financial Crime Investigation Wing (FCIW) of NAB, Punjab Chapter, Atiqur Rehman, and the additional charge of Director FCIW being assigned to Additional Director SM Husnain, the process of Voluntary Return (VR) was delayed.
According to some brief facts obtained regarding the case, Sheikh Ayub and his son Mohsin Ayub, working under a company named Aglam Global Links, upon promising lucrative returns to 85 people in case they invested in their company, cheated them off Rs1,383 million and fled.
To ensure the recovery of the stolen amount, properties that were either directly or indirectly owned or used by the accused were frozen by the court upon the request of the NAB.
The accused, Ayub, informed the NAB that despite their assets being frozen, one of their highest-valued properties had fraudulently been transferred to someone else by an official using his influence.
He later informed the Supreme Court that he was willing to return the money, however, he had been deprived of his most valuable property.
The apex court directed the NAB to retrieve the property of the accused so they could return the Rs1,383 million to the 85 victims.
It was learnt that former senator Gulzar’s family had paid Rs480 million for the property, titled Qasr-e-Zoq, to the real owner of the property instead of the one listed in the power of attorney (Sheikh Ayub).
During the course of investigations, it was revealed that a chunk of the amount that came in through the transfer of the said property had been extorted by former AGP Justice (Retd) Malik Qayum, Salahuddin, Azam Tikka, Hamad Tikka, and Farooq Baig among others.
Rehman told The Express Tribune that the victims of the said scandal had already received Rs600 million from Sheikh Ayub and his son, and the remaining liable amount of over Rs300 million would also soon be recovered from the accused. He said that the voluntary return process has been pending due to the absence of a competent authority.
Published in The Express Tribune, May 11th, 2011.
COMMENTS (2)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ