Accountability court: NAB files reference in Modaraba scam
CEO Maseha Forex also accused of cheating people.
The Regional NAB Rawalpindi Bureau is currently investigating 96 cases of multi-billion Modaraba scam. STOCK IMAGE
ISLAMABAD:
The National Accountability Bureau (NAB) has filed a reference in a Rs15.95 million Modaraba case in the Accountability Court Islamabad against Bilal Khan Bangash, CEO Maseha Forex and another accused on charges of corrupt practices and cheating people at large using the ploy of Islamic mode of investment.
The regional bureau has received more than 27 claims in this case. The Regional NAB Rawalpindi Bureau is currently investigating 96 cases of multi-billion Modaraba scam in which eight cases are in reference stage, 14 are at investigation stage, five are at inquiry stage, two are at complaint verification stage and 67 are on complaint stage and has so far received 33,744 complaints from scam affectees. The bureau has recovered Rs1.734 billion in this mega scam, said a statement issued on Wednesday.
So far 29 accused persons have been arrested in the Modaraba scam including Mufti Ehsanul Haq, Mufti Ibrarul Haq, Hafiz Muhammad Nawaz and others.
During investigation it transpired that the accused persons induced public at large to invest the amount in their illegal Modaraba/Musharika business against attractive profits and thus looted the general public.
The investigation teams are trying hard for recovery of the looted money and have traced some properties, houses and agricultural lands which have been seized/frozen.
Published in The Express Tribune, March 5th, 2015.
The National Accountability Bureau (NAB) has filed a reference in a Rs15.95 million Modaraba case in the Accountability Court Islamabad against Bilal Khan Bangash, CEO Maseha Forex and another accused on charges of corrupt practices and cheating people at large using the ploy of Islamic mode of investment.
The regional bureau has received more than 27 claims in this case. The Regional NAB Rawalpindi Bureau is currently investigating 96 cases of multi-billion Modaraba scam in which eight cases are in reference stage, 14 are at investigation stage, five are at inquiry stage, two are at complaint verification stage and 67 are on complaint stage and has so far received 33,744 complaints from scam affectees. The bureau has recovered Rs1.734 billion in this mega scam, said a statement issued on Wednesday.
So far 29 accused persons have been arrested in the Modaraba scam including Mufti Ehsanul Haq, Mufti Ibrarul Haq, Hafiz Muhammad Nawaz and others.
During investigation it transpired that the accused persons induced public at large to invest the amount in their illegal Modaraba/Musharika business against attractive profits and thus looted the general public.
The investigation teams are trying hard for recovery of the looted money and have traced some properties, houses and agricultural lands which have been seized/frozen.
Published in The Express Tribune, March 5th, 2015.