The National Accountability Bureau (NAB) Punjab chapter on Thursday arrested four associates of Syed Sibtul Hassan Gilani alias Double Shah on charges of fraud.
NAB Punjab Director Atiqur Rehman told The Express Tribune that Double Shah and his gang had extorted Rs10 billion from more than 40,000 people on the promise of doubling their investment.
He said they would commit to their clients returns on their invested amount initially in 30 days and then in 90 days.
NAB had arrested a few members of the same gang, including Double Shah, earlier and sentenced them to 14 years in prison after they pleaded guilty, he said.
Those arrested were identified as Akbar Bashir Hanjra, Shahid Nawaz, Abdul Sattar Sulahria and Amir Sohail. Rehman said these men alone had extorted Rs350 million from hundreds of people.
According to the details provided by the NAB officials, Hanjra is accused of extorting Rs100 million, Nawaz of Rs70 million, Sulahria of Rs100 million and Sohail of Rs80 million.
Rehman said that the affected had submitted their claims to the NAB against the accused.
The claims, he said, had been verified after examining the record recovered from the accused.
He said that the accused had confessed to the fraud before the NAB investigators.
The accused will be produced before an accountability court on Friday (today) for obtaining their physical remand, Rehman said.
Published in The Express Tribune, February 3rd, 2012.
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