NAB arrests accused in Rs7.2b modaraba scam


KARACHI: The National Accountability Bureau (NAB) has arrested accused Mufti Abdullah Shaukat from UAE in the Rs7.2 billion modaraba scam through Interpol.

The accused was wanted in a NAB reference regarding the modaraba scam whereby one Shafiqur Rehman had cheated the public at large by collecting Rs7.2 billion under false promises of investment and profit, NAB- Karachi said here on Sunday.

Mufti Abdullah Shaukat had issued a false fatwa declaring the illegal business of Shafiqur Rehman as legal and under Islamic laws.

The accused was also in connivance with main accused Shafiqur Rehman in the execution of the crime, who was beneficiary of huge sums of illegal amount extorted from the general public under the name of Islamic investments.

The Ponzi scheme was run by a syndicate of 12 accused in an organised manner by which they had been successful in defrauding innocent people in Karachi.

The accused would be produced before the local Accountability Court after legal formalities.