Pearl Shine Group CEO Irfan Haider Awan.
Two corruption references have been filed in the Islamabad Accountability Court against several accused in the multi-billion-rupee Modaraba scam, said a press release issued by the National Accountability Bureau (NAB) on Sunday.
The first reference has been filed against Pearl Shine Group Chief Executive Officer Irfan Haider Awan and others for swindling Rs24.23 million from investors.
The second reference has been filed against Aminur Rehman and others for defrauding people to the tune of Rs8.46 million.
Investigation into both the references revealed that the accused misled people to invest their hard-earned money in the “illegal” Modarba business, an Islamic mode of investment against attractive profits.
Meanwhile, the NAB Rawalpindi has so far filed 14 corruption references in the accountability courts in the Rs22 billion Modaraba and Musharaka scam and arrested 34 accused, the official said.
The bureau has recovered Rs1.73 billion from them besides confiscating their properties including houses, 6,000 kanal of agricultural land and 10 luxury vehicles, an official said.
The accused deprived various gullible individuals of billion by wooing them into investing in the scheme for attractive profits.
The bureau has so far arrested 34 people, including the key accused Mufti Ehsanul Haq, CEO of the Fayazi Gujranwala Industries, who is in Adiala Jail. Haq last month submitted a repayment plan to NAB but failed to live up to the deal.
According to NAB, around 33,744 affected people, mostly from Khyber-Pakhtunkhwa and Rawalpindi, invested their hard-earned money in the scheme.
Published in The Express Tribune, November 16th, 2015.
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