ISLAMABAD: The National Accountability Bureau (NAB) filed 30 references in the multi-billion-rupee Modaraba/Musharka (Islamic mode of investment) scams unearthed seven years ago and recovered Rs2.291 billion in cash and assets in some cases, besides arresting 45 people. Several cases are still pending in different accountability courts.

The information was shared at a meeting of the NAB board presided over by chairman retired Justice Javed Iqbal. The meeting was convened to review the ongoing progress on Modaraba/Musharka cases.

According to an official handout issued by the bureau’s headquarters, NAB Rawalpindi filed 30 references in respective accountability courts and recovered Rs644.877 million in some cases, besides freezing assets worth Rs1646.5m.

The Modaraba/Masharka scam was unearthed in 2013 in which some clerics were found involved and later arrested for deceiving innocent people, including retired government employees and widows, who wanted to invest their hard-earned money in Islamic investment schemes.

The clerics arrested in these cases included Mufti Ehsan-ul-Haq, Mufti Ibr­a­­­­­­r­ul Haq, Hafiz Muhammad Nawaz, Moeen Aslam, Obaidullah, Mufti Sha­bbir Ahmad Usmani, Sajjad Ahmed, Asif Javed, Ghulam Rasool Ayubi, Muhammad Hussain Ahmed, Hamid Nawaz, Muhammad Irfan, Bilal Khan Bangash, Matiur Rehman, Muham­m­­ad Numan Qureshi, Syed Aksheed Hus­­sain, Muhammad Adil Butt, Muhammad Saqib, Umair Ahmed, Aqeel Abbasi, Mufti Hanif Khan, Naz­eer Ahmed Ibrahim Alshoriam and Saifullah.

The NAB meeting was inf­ormed that the Islamabad Accou­nt­ab­i­­lity Court awarded 14-year sentence and fine of Rs67m to Najamuddin and Ghulam Rasool Ayubi in a Mod­a­r­a­ba case. Najamuddin and Ghulam Ra­­­sool Ayubi were found guilty and all charges against them were proved true.

The convicts were arrested by NAB Rawalpindi on charges of cheating the people on the pretext of Islamic investment. The accountability court also ordered forfeiture of the property of the two convicts.

In another case, the court awarded 10-year imprisonment and Rs9 billion in fine to Mufti Ehsan-ul-Haq, while the nine co-accused were asked to pay Rs1bn in fine.

The meeting was informed that NAB Rawalpindi had also filed corruption references against Muhammad Nazeer, chief executive officer of Islamic Investment, and others, in the Modaraba case on charges of corruption, corrupt practices and cheating the public at large in the ploy of Islamic mode of investment amounting to Rs95.52m.

The bureau also filed a reference against Muhammad Bilal of Bilal Trading Corporation and other accused in the Modaraba case involving Rs48.410m investment.

Another reference was filed against Muhammad Yasir, son of Muhammad Gulistan, head of private firm Al Jazeera International, and other accu­sed in the Modaraba case in which innocent people invested Rs5.95m.

A case was filed against Shamsur Rehman, chief executive officer of private firm Al Baraka Marketing, involving an amount of Rs25m.

Published in Dawn, January 9th, 2020