New twist in multi-billion-rupee Modaraba scam

The revelations by Mufti Ehsan, the central figure in the Modaraba scandal, have caused a new twist in the multi-billion-rupee scam.

According to him, Fayyaz Muhammad Jamal and Nisar Muhammad Jamal, brothers from Battagram residing in Islamabad, embezzled a hefty sum of Rs13 billion rupees that was collected from poor people under the pretext of a business partnership.

When Mufti Ehsan was imprisoned due to the Modaraba scandal, both brothers, in the presence of their father, asked him to remain silent, assuring him that his money would be held in trust by them.

However, after Mufti Ehsan's release from prison, the Jamal brothers reneged on their promise.

In an exclusive conversation with The Express Tribune, Mufti Ehsan, a key figure in the infamous Modaraba scandal, stated that large sums of money were collected from across the country through agents for business ventures, including nearly Rs1 billion from agents in Batgram, who collected the money from poor people with promises of monthly profits.

Mufti Ehsan said that although he faced severe legal consequences, including imprisonment, the real culprits who devoured the hard-earned money of the poor are the Jamal brothers, who are still living luxuriously off the funds, while he continues to face law enforcement agencies and the victims of the Modaraba scheme.

Mufti Ehsan stated that the authorities declared him the mastermind of the Modaraba scandal, although from day one he had disclosed the real masterminds in his statement to the National Accountability Bureau, yet those individuals are still free.

Once again apologising to the victims of the Modaraba scandal, he emphasised that the real culprits who embezzled the funds were the Jamal brothers, and once he receives the money from them, he will return it to all the victims. Mufti Ehsan explained that Fayyaz Jamal and his brothers lured him with promises of overseas business, telling him they would import cars and other goods, and started collecting money. People from across the country, tempted by promises of higher profits, deposited money through agents, and Mufti Ehsan would then hand over these funds to Nisar Jamal.