Modarba scam absconder who looted Rs48.78m arrested

PESHAWAR: Officials of the apex anti-corruption watchdog on Monday said that they have arrested a man who is implicated in a Modarba scam whereby he allegedly defrauded the public of Rs48.784 million.

The National Accountability Bureau (NAB) Khyber-Pakhtunkhwa chapter said that they have arrested Syed Noor Shah.

NAB K-P’s Media Deputy Director Salma Begum said that during their investigations, they discovered that Shah along with Badshah Rehman and Naimat Khan allegedly invited the public to invest in a fake firm called Al-Barakah Investment Company through Islamic financing — Modarba – for the import and export of different items such as milk packs, fabrics, fridges, sewing machines, generators, vehicles turbines and engines.

The men lured the public to hand over their hard earned money to him on the promise that they will be paid a huge profit for their investment. He managed to loot approximately Rs48.784 million from innocent people.

After a few months, he not only stopped paying them profits but also refused to return the principal amount and disappeared.

Salma said that Badshah and Naimat had been previously arrested in the case.

Published in The Express Tribune, July 2^nd, 2019.