Rawalpindi National Accountability Bureau has arrested key accused Umair Ahmed of Fayyazi Industries Gujranwala Private Limited in Rs 7.5 billion Modarba scma on charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment. The accused in connivance with another accused Mufti Ehsanul Haq and others cheated the public at large in the name of Modarba business and deprived them of millions of rupees.
The arrest warrants of the accused person were issued by Rawalpindi NAB director general (DG). The accused were produced before the Accountability Court Friday and the court granted 14 days physical remand of the accused.
The regional bureau has received more than 9,100 claims in this case amounting to Rs7.5 billion. During the investigation, it transpired that the accused in connivance with each other induced public at large to invest the amount in Fayyazi Industries Gujranwala Private Limited, illegal Modarba/Musharika business against attractive profits and thus looted the general public at large.