The National Accountability Bureau (NAB) Rawalpindi Friday arrested Mohammad Saqib of M/s Global Concerns in connection with the Modaraba scam case which is worth Rs350 million.
During investigation, it became apparent that accused Saqib and Matiur Rehman in collusion with other individuals induced the public to invest heavily in their illegal Modaraba/Musharika business against attractive profits and acquired millions of rupees with this tactic.
NAB has received 201 claims in the Modaraba scam. The investigation team was trying to recover the stolen money, of which Rs 7.3 million has already been recovered.
Saqib was presented before an accountability court in the federal capital earlier today. The court sent the accused on a 14-day physical remand for further investigation.
It may be mentioned that the main accused, Matiur Rehman is already in judicial custody at Adiala Jail in Rawalpindi.
NAB has so far apprehended 18 accused in connection with the Modaraba scam.
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