IHC cancels bail of Mufti Ahsan, Ayyubi in Modaraba scam


The Islamabad High Court (IHC) on Monday canceled bail of Mufti Muhammad Ehsan Ul Haq, CEO of M/s Fayazi Gujranwala Industries Pvt Ltd and Ghulam Rasool Ayyubi in Modaraba and Musharika scam.

A division bench comprising Justice Shuakat Aziz Saddiqui and Justice Athar Minallah while hearing the identical petitions also cancelled bail of three another accused. All accused were arrested after the cancellation of their bail outside the court primices. National Accountability Bureau (NAB) Prosecutor apprised the court that Mufti has received heavy investments and cheated public at large to the tune of Rs 8 billion on the pretext of Modarba & Musharika whereas Ayyubi cheated 3.5 billion rupees.

He said earlier the bail was granted to the accused on their assurance that they will return looted money to the aggrieved parties according to the schedule submitted before the court. But no money was returned back to the aggrieved persons, Prosecutor informed the bench and pleaded for cancellation of their bail which was accepted.