NAB rounds up two suspects in Modaraba scams

The country’s top anti-graft body on Wednesday arrested two suspects in Modaraba scams.

The National Accountability Bureau (NAB) rounded up Ejaz Hussain, believed to be an accomplice of the main suspect, Mufti Ehsanul Haq, in Islamabad. His arrest warrant was issued in 2016.

Mufti Ehsanul Haq, the CEO of Fayazi Group of Industries, and his nine accomplices were found guilty in the scam and convicted by an accountability court on the basis of evidence presented by NAB Rawalpindi.

He was handed down a jail term of 10 years and slapped with a fine of Rs9 billion. His accomplices were imposed a fine of Rs1 billion.

The other suspect, Irfan Haider Awan, was arrested at the Lahore High Court’s Rawalpindi bench after his plea for interim bail was dismissed.

A reference was filed against Awan, the CEO of Pearl Shine Group, and others in 2015 for swindling Rs24.23 million from investors in a Modaraba scam.

Separately, NAB Karachi has stepped up its investigation against officials of the National Institute of Cardiovascular Diseases (NICVD) and written a letter to the Sindh health secretary for the fourth time seeking the hospital’s records.

On October 29, a NAB team raided NICVD on charges of financial and administrative irregularities and misappropriation of funds and questioned its staff.

According to the anti-graft body, it had received various complaints against the NICVD about corrupt practices including “misuse of authority /powers in respect of giving illegal appointments and release of excessive salaries and unjustified satellite allowances, illegal out of turn promotions up to grades of 19 and 20, grant of illegal loans, misuse of 27 bank accounts of NICVD, violation of decisions taken in meetings of Board of Governors and violation of SSPRA Rules in procurement”.

NAB said it had engaged the Sindh Health Department for the provision of records through a focal person of it was providing funds to NICVD.

“The Health Department, Government of Sindh provided funds to NICVD amounting to Rs5,150,000 million to the NICVD, Karachi during the current financial year 2020-21 but the management of NICVD and Health Department, Government of Sindh are not providing relevant information and record to NAB Karachi in spite of various requests in order to conduct a fair and transparent inquiry into the affairs of NICVD which was approved by the competent authority as per law,” read a state issued by the anti-graft body.