Deceiving the public: Court gives alleged con man into NAB’s custody for 10 days
Accused reportedly swindled people of millions from fake modaraba business.
Accused reportedly swindled people of millions from fake modaraba business. PHOTO: FILE
PESHAWAR:
The National Accountability Bureau (NAB) Khyber-Pakhtunkhwa has arrested a man accused of accumulating millions of rupees from an illegal modaraba business, and obtained a 10-day physical remand from an accountability court on Monday.
NAB produced Mubarak Shah before the court of Judge Muhammad Ibrahim Khan and asked for a 14-day physical remand but the court approved one for 10 days.
Shah is accused of running an illegal modaraba business under the garb of a fake company, MM Qureshi International Private Limited, whose offices are located at Deans Trade Centre, Peshawar. He, along with others, allegedly asked people to deposit their savings with the company on the promise of exorbitant profits on the principal amount, thus collecting large amounts of cash from them.
A modaraba is a contract between two parties - an investor and a manager. The former provides capital while the latter runs whatever business or trade the money is being invested in and the profits and loss are shared on mutually agreed terms.
Shah is a cleric too and his religious demeanor reportedly helped build trust with the people who deposited their money with him.
After an arrest warrant was issued by NAB’s provincial director general, authorities arrested Shah on April 12 and produced him before an administrative judge of the accountability court on April 13. The judge granted custody of the accused for a day.
“The evidence collected so far reveals that there are several other accused in the case and further investigation is necessary to unearth the complete facts,” reads NAB’s application seeking Shah’s custody.
A NAB official told The Express Tribune the accused conned people on the pretext of giving them Rs20,000 as profit on a sum of Rs100,000, adding he initially gave the profit to some people to gain their trust.
The official said the accused also allegedly gave Rs950 million to a partner and presently has Rs700 million with himself, maintained the official.
The accused told the court he had taken money on the pretext of providing jobs to people.
In a separate case, the accountability court extended the physical remand of revenue officer Saeed Khan by a further 10 days. Khan was arrested on charges of possessing assets disproportionate to his declared sources of income. He was arrested on April 4 and granted a 10-day physical remand.
Khan began working in the revenue department around two decades ago and served as a patwari in key localities of the provincial capital. He was later promoted to the post of gardawar in late 2012.
A statement issued by NAB stated that 140 affected people have so far registered claims to the tune of Rs290 million. During initial interrogation, the accused confessed to all the allegations and said he had sold and purchased many plots in Peshawar.
Published in The Express Tribune, April 15th, 2014.
The National Accountability Bureau (NAB) Khyber-Pakhtunkhwa has arrested a man accused of accumulating millions of rupees from an illegal modaraba business, and obtained a 10-day physical remand from an accountability court on Monday.
NAB produced Mubarak Shah before the court of Judge Muhammad Ibrahim Khan and asked for a 14-day physical remand but the court approved one for 10 days.
Shah is accused of running an illegal modaraba business under the garb of a fake company, MM Qureshi International Private Limited, whose offices are located at Deans Trade Centre, Peshawar. He, along with others, allegedly asked people to deposit their savings with the company on the promise of exorbitant profits on the principal amount, thus collecting large amounts of cash from them.
A modaraba is a contract between two parties - an investor and a manager. The former provides capital while the latter runs whatever business or trade the money is being invested in and the profits and loss are shared on mutually agreed terms.
Shah is a cleric too and his religious demeanor reportedly helped build trust with the people who deposited their money with him.
After an arrest warrant was issued by NAB’s provincial director general, authorities arrested Shah on April 12 and produced him before an administrative judge of the accountability court on April 13. The judge granted custody of the accused for a day.
“The evidence collected so far reveals that there are several other accused in the case and further investigation is necessary to unearth the complete facts,” reads NAB’s application seeking Shah’s custody.
A NAB official told The Express Tribune the accused conned people on the pretext of giving them Rs20,000 as profit on a sum of Rs100,000, adding he initially gave the profit to some people to gain their trust.
The official said the accused also allegedly gave Rs950 million to a partner and presently has Rs700 million with himself, maintained the official.
The accused told the court he had taken money on the pretext of providing jobs to people.
In a separate case, the accountability court extended the physical remand of revenue officer Saeed Khan by a further 10 days. Khan was arrested on charges of possessing assets disproportionate to his declared sources of income. He was arrested on April 4 and granted a 10-day physical remand.
Khan began working in the revenue department around two decades ago and served as a patwari in key localities of the provincial capital. He was later promoted to the post of gardawar in late 2012.
A statement issued by NAB stated that 140 affected people have so far registered claims to the tune of Rs290 million. During initial interrogation, the accused confessed to all the allegations and said he had sold and purchased many plots in Peshawar.
Published in The Express Tribune, April 15th, 2014.