Con-artist: FIA hands over Modaraba swindler to NAB

Mubarak Shah was apprehended by the FIA during immigration clearance.

LAHORE:

Federal Investigation Agency (FIA) has handed over the principal accused in the over Rs500 million Modaraba fraud to National Accountability Bureau (NAB), The Express Tribune has learnt.

Mubarak Shah – the director of MM Qureshi International (Pvt), allegedly involved in depriving people of millions of rupees – was apprehended by the FIA during immigration clearance as he was trying to leave for Dubai from Lahore airport.

The agency later contacted the Khyber-Pakhtunkhwa (K-P) chapter of NAB, which was in search of the accused.

Shah’s name was placed on Exit Control List (ECL) on February 25, 2014 by the Ministry of Interior on the request of NAB. NAB has already arrested Mushahid Ali, another director of MM Qureshi International on March 28, 2014.

The accused, operating their organisation from Deans Plaza Saddar Cantt in Peshawar, fraudulently collected from people more than Rs500 million. The gang promised lucrative returns on Modaraba/Musharika investment in their so-called import-export business.



Sources in NAB said the bureau had received claims of more than Rs500 million from over 100 affectees of the scam, adding that NAB was vigorously pursuing the cases.

They said NAB had requested the affectees of all such Modaraba and Musharika companies to approach the bureau with their claims and supporting documents.

“The bureau has started its investigation against Mubarak Shah and other owners of the MM Qureshi International and all bank accounts and properties of the accused persons have been frozen,” one of the sources said.

“The entire invested amount will be returned to the investors/claimants after recovery of the liable amount from the accused,” he claimed.

Published in The Express Tribune, April 16^th, 2014.