The National Accountability Bureau (NAB) Khyber Pakhtunkhwa on Thursday arrested absconder, Syed Muhammad Dawood Shah of M/S Life Medicine Company (LMC) Traders, for allegedly depriving people of Rs 2.71 billion through Mudaraba (trust financing contract in Islamic banking) business, said a press release issued on Thursday.
The accused in connivance with owners and other partners of LMC Traders lured general public to invest their money in Mudaraba business. The accused also circulated pamphlets in general public in this regard.
The accused looted Rs 2.71 billion from gullible masses and the accused invested the looted money in oil and scrape business in UAE, NAB sources said.
It is worth mentioning here that Jamshid Khan, Amjad Iqbal and Abdul Samad of M/S LMC Traders, Doaba Hangu had already been arrested by NAB K-P.
