Modaraba scam accused: Court issues arrest warrants, notices to surety givers

Judge expresses annoyance at NAB prosecutor, investigation officer

ISLAMABAD: The Islamabad High Court (IHC) on Monday issued bailable arrest warrants and show-cause notices to surety givers in a case pertaining to the multi-billion rupee Modarba scam against Mufti Ghulam Rasool Ayubi.

A division bench comprising Justice Shaukat Aziz Siddiqui and Justice Athar Minallah expressed displeasure at authorities as well as the surety givers who failed to produce the suspect before the court despite cancellation of his bail at a previous hearing.

“No one will be spared if the suspect is not produced before the court at the next hearing,” remarked Justice Siddiqui.

Expressing annoyance at the investigation officer and the prosecutor of the National Accountability Bureau (NAB) as well as the co-accused and their counsel, who were all present in court, he said no one would be allowed to deceive the court.

“He (Ayubi) was granted bail on the pretext that he would return money to the victims in a stipulated time once released,” said Justice Siddiqui.

“It would have been better if he was left to languish in jail,” he added.

Ayubi, one of the prime suspects in the financial scam, had promised the court that he would refund his alleged victims within a stipulated time, if he was granted bail.

Ayubi, Hussain Ahmed and Muhammad Khalid were booked for allegedly committing corruption and cheating the public at large in the ploy of the Islamic mode of investment.

They were arrested for their alleged involvement in the Rs3.2 billion Modaraba scam. The suspects ran a grocery store chain called “Mezban” in various cities.

Ayubi was granted bail on January 13, 2015, after he submitted a schedule of payment and undertaking, which was duly approved by NAB authorities.

All the suspects were granted bail against the surety of Rs1 million each.

On May 28, Ayubi was granted extension in bail till July 13 but he did not deposit any amount.

The suspects’ names were also included in the exit control list.

In its previous order, the bench had stated that the court showed grace, and allowed bail so the petitioner (Ayubi) may be able to deposit the amount.

Despite a lapse of almost nine months, not a single penny has been deposited, the bench observed.

“The conduct of the petitioner is totally uncalled for and an attempt to frustrate the proceedings, pending before the court,” the court had observed.

Subsequently, his bail was recalled and the NAB was directed to arrest him as he was no more on bail.

The NAB prosecutor maintained before the court that efforts were being made to arrest the suspect.

He also submitted a report containing details of several unsuccessful raids at various locations.

“These efforts seem good on paper,” remarked Justice Siddiqui.

Warning that many could go behind bars, the court has fixed the case for October 19.

Published in The Express Tribune, October 6^th, 2015.