Maseha Forex CEO Bangash, one other in dock over charges of corruption, cheating public at large
National Accountability Bureau (NAB) has filed a reference in Rs 15.95 million Modarba case in Accountability Court Islamabad.
The reference has been filed against Maseha Forex Chief Executive Officer (CEO) Bilal Khan Bangash and one another accused person in the Modarba case on charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment. The regional bureau has received more than 27 claims in this case, says a press release.
The NAB Rawalpindi is currently investigating 96 cases of multi-billion Modarba scam, in which eight cases are in reference stage, 14 are at investigation stage, 5 are at inquiry stage, 2 are at complaint verification stage and 67 are on complaint stage and has so far received 3,3744 complaints from scam victims. The bureau has recovered Rs 1,734 billion in this mega scam.
During investigation it transpired that the accused persons induced public at large to invest the amount in their businesses’ illegal Modarba/Musharika business against attractive profits and thus looted the general public. The investigation teams are trying hard for recovery of looted money and have traced some properties, houses and agricultural lands which have been seized/frozen.
So far 29 accused persons have been arrested in Modarba scam including Mufti Ehsanul Haq, Mufti Ibrarul Haq, Hafiz Muhammad Nawaz, Moeen Aslam, Obaidullah, Mufti Shabbir Ahmad Usmani, Sajjad Ahmed, Asif Javed, Ghulam Rasoon 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 chairman said NAB is committed to curb corruption and corrupt practices through holistic approach of awareness and prevention and enforcement without any fear and favour.