The corruption agenda: NAB arrests one more suspect over modaraba, musharaka scam

Separately, bureau apprehends former divisional accounts officer for embezzling development funds.

PESHAWAR:

National Accountability Bureau (NAB) Khyber-Pakhtunkhwa on Saturday arrested one of the owners of an investment bureau for allegedly looting money from people through fake modaraba and musharaka schemes.

According to insiders, Mehmoodul Hassan, chief executive of Al-Ahsan Multiple Business and Investment Bureau, Mansehra, has been charged with allegedly looting millions of rupees from unsuspecting investors.

Hassan collected money from people and promised them a high rate of return. However, insiders familiar with the matter revealed that the investment bureau only paid the profits to investors for a few months.

Earlier this month, NAB K-P had filed a reference in an accountability court against Hassan and investment bureau’s other owners, Muhammad Shoaib, Usman Ali and Roshan Deen, for operating fake modaraba and musharaka schemes. Moreover, it had also confiscated their property.

In May, NAB K-P Director General (DG) Shahzad Saleem had raised concern over the fake modaraba and musharaka businesses. He said recovering money looted from innocent people in fake modaraba and musharaka schemes was the top priority of the bureau.

Since then, NAB has conducted thorough investigations on these fake businesses and made a series of arrests. Last week, an ex-employee of the State Bank of Pakistan (SBP) who currently runs Galaxy Star Company Limited was taken into custody.

Embezzlement

In another case, NAB K-P arrested a divisional accounts officer of Bannu Development Authority for allegedly embezzling millions in public funds.

Muhammad Tayyab has been charged with allegedly misusing funds allocated for developmental works by Bannu Development Authority (BDA), causing losses worth millions of rupees to the public exchequer.

According to an enquiry conducted by the bureau, Tayyab embezzled the funds while serving as divisional accounts officer at BDA. Moreover, the findings revealed he had allegedly released the funds to unauthorised persons to conduct development work in Bannu Township.   An accountability court has granted NAB 10-day custody of the suspect.

Published in The Express Tribune, November 30^th, 2014.