‘Interest free investment’ scam by muftis steals billions

By
Hira Salman
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57
470

The newly exposed Modaraba scam, using religious scholars to con people, is feared to have robbed thousands of people of billions, a local English daily reported.

Over 850 citizens have filed claims amounting to more than Rs 500 million at the National Accountability Bureau against a sham company run by a group of Muftis (religious scholars) under the name of Modaraba and Musharaka.

Sources in NAB revealed concerns that it is a large scale operation involving billions amid indications that the money has also been transferred outside Pakistan. There are reports of different groups of Muftis working for different companies. However, due to the absence of the NAB chairman, the bureau has so far managed to query only one group.

The sources said many victims, who had invested huge sums into the fake scheme for a promised monthly profit of six to eight percent, remained reluctant to file claims before NAB fearing investigation about the source of their millions.

Offering interest-free Islamic investment to lure people, the scheme allegedly exploited a large number of people to invest their savings in the scheme. Reposing their trust in the Muftis and their claims, women are reported to have sold their jewelry while men disposed off their properties and ailing businesses to enjoy the promised gains of Islamic investment.

The NAB sources said that the bureau initially received a complaint against Mufti Ehsanul Haq and his group. It was reported that this group of Muftis was involving in obtaining funds from people on a profit and loss basis. The group received funds from the public in the name of Modaraba without having any authority,approval or registration as a Modaraba company from the SECP.

This complaint led to an investigation in the scam by NAB, which also used public advertisements warning people of the fraudulent company and asking victims of this scam to submit their claims with NAB.

Investigations revealed that the group had deceived the public and concealed the non-registration of their company from SECP while continuing to take money from people and issue receipts in the name of M/s Fayazi Gujranwala Industries Pvt. Ltd., which is registered as a private limited company having no mandate to act as a Modaraba company. Sources said some other companies were also operating in a similar manner to con the public.

Following the NAB advertisement, 856 people approached NAB with their claims till the middle of June. Claims are being verified from the available record produced by the accused – Mufti Ehsanul Haq – who was arrested by NAB authorities.

The NAB sources further said that the accused, admitting his guilt, came forward and applied for Voluntary Return (VR) under section 25 (a) of NAO 1999. On June 18, NAB approved VR of accused for an amount of Rs 552 million of which the accused has submitted Rs 446 million in the form of 20 pay orders.

He will deposit the remaining amount in one month while NAB has kept the original documents of six of his immoveable properties as guarantee. Mufti Muhammad Ehsan Ul Haq, after approval of VR, has been released.

Besides Mufti Ehsan’s group, two more companies of Muftis are reported to be involved in similar illegal Modaraba business in different parts of the country. One of the victims revealed that he had invested around Rs 20 million in the company of one Mufti Usama after having seen the Muftis coming up with a riba-free business.

He said he was told the investment is made in huge property businesses in foreign countries besides other schemes within Pakistan. He was told that investments are also being made in the airlines business.

The victim said that names of reputed scholars and revered religious groups were also used but later no such connection was found to be true.

NAB has also received a number of complaints against Elixir Group and Albaraka Marketing. “We will probe them once the new chairman NAB arrives,” a source said.

 

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57 COMMENTS

  1. This country and its unfortunate people will continue to suffer with no respite in sight. Those who hold senior positions and deal with public exchequer consider all the national wealth their personal fortune. Those people who consider the present banking system un Islamic, are left at the mercy of those who rob them in the name of religion.

  3. Standard Chartered Bank is among the pioneers of Islami Bankari in Pakistan. Renowned scholars used to appear in this British bank’s advertisements meant to promote ‘interest free’ Islami Bankari.

  4. Islam is the best religion on the face of the earth but what about its followers? Does all Muslims are adhering to the Sharia guidelines?

  5. I’m now not sure the place you are getting your info, but good topic. I must spend a while studying much more or working out more. Thank you for magnificent information I was looking for this information for my mission.

  6. Allah in logo ko hidayat day agar in kay muqadar may hidayat nahi to in ko ebrat ka nishan banay jinhon nay madrisa, masjid aur taleegh kay nam par loota.

  7. Boht se logon ne invest kya in molviun k pass.in se rqam wapis le kr dain or saza bi di jae.

  8. The mufties offer higher profit which is not possible during current business scenario in pakistan. I request all sensible people of pakistan to do not invest with these mufties to avoid future losses.

  10. sorry to say those peoples who invested money because of their greedy ness just 5k on 100 k this is the result do face it nw u people seek different ways away from ISLAM and blindly believ these mufties espacially the deoband molvies whose teachings are not what they do their molvies explain about sood ets and are involved in soodism entirely!! frnds ISLAM is a very open religion ALLAH told and mentioned everything in QURAN and NABI S.A.W.W sunnah is best role modal for us !! what u have lost forget all that but be thank to ALLAH almighty wo had saved u from soodism and the black money have less but have pure !! excess creates difficulties ! i pray to ALLAH that everyone could get back his/her money and give us hidayah !! espacially to those mufties and molvies who are trying to make ways other than ISLAM !! ALLAH BLESS U ALL

  11. I think we should go to NAB as a single team then there could be possibility of return otherwise we all will hv to suffer.

    • yes i fully agree with you if we claim on individual basis we too will suffer in the NAB as well as they cant refund you the claim untill the appointment of their chairman neither the mufti will return nor THE NAB till the chairman how long we will suffer we are hanging in the shallow space there are more than thousand s who await assurance from NAB that the money claimed will be returned back to them e.g those who have filled claims yet to get their money back to them…..mohammad shafi peshawar

  12. We are victims of elixer, we all invested abt 60 lac.how we can listed in Nab so that we may recover our amount?

    • dear Azhar hashmi, you are contect me in this no 03038322474.i am discuss talking about modaraba ok i just waiting to you dear

  13. Azhar just write a application to NAB chairman and do mention your amount and request to help you to get ur amount.
    They will certainly take action, they are now summing up mufti ehsan case……

  14. against elixir group ralley is being held on 04 sept 2013 d chowk Islamabad 10 am plz join thisalso tell other peoples who are effected TANVIR SHEIKH

  17. I am victim of Shafiq company, Any one know about how to recover amount, or any update relating this mudaraba group.

  19. we had heard that alim could be trader but not heard of having links with smuggler of precious stone why so called mufti have so many faces, in their modaraba mufti sb in point no 23 said that muzarib will be accountable to allah for investing illegal money but forgot to apply the same on him….. whom to trust i have invested my provident fund just to facilitate my livelihood not to do investment on my crore of rupees. that i m deprived of the fear is if go to NAB. we again will be stuck up till the appointment of the chairman why not a recovery cell should be established in the NAB TO expedite the recovery as thousand of claiment await assurance to get back their principal money back…………mohammad shafi

  20. can any one tell me about osama and mufti muhammad rasool in lahor… they told us that they have mezan stores in lahor…. can any one conform me are thy also involved in black scheme..plz plz plz some one conform me…we invest approximatly 2 caror rupees

  21. well done mufti ihsan n company! u did what ur people deserved ‘islam mein dhari hy dhari mein islam nahi’ lakin kon samjhaye iss jahil qoum ko.
    NAB ko chahiye ky amount recover krky qoumi khazanay mein daalay aur in muftis ko nanga krky ghadhay py phiraya jaye aur phr publicaly phansi dy di jaye kasmay maza aa jaye :p

  25. I am victim of abdul rafy, (Director of elixir group of companies ) invested in Rwp/Islamabad mall plaza what i can do now.
    1. gave application alongwith documents to NAB
    2. just wait …..
    3. or any performa is available for submitting application to NAB.
    Reply must IMRAN

  26. I am victim also, Any one know about how to recover amount, or any update relating this mudaraba group.
    Tehseel Adinzai lower Dir

  32. where is owner of Mezban general store Mufti Ghulam Rasool ? I am a victim of Mufti Ghulam Rasool. NAB are are requested to solve our problems.

  34. In fact one thing is common in all defectives , they are all GREEDY religious peoples…………
    ………………..

  35. Management failure as I was part of lower management but my advises and suggestion hurt them now see dear.Kindly unn mulah hazarat sa awam ko paisa wapas karwa dou.logo nay bacho ka jahz beach k paisa dya.aik aurat ko husband ke shadaad k pasiy mily nd she invest their nd now she is suffering. what i write here.plz justice.

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  40. There is nothing like Islamic business or bankari. For me its all drama bazi to lure innocent people who trust these so called mullahs sponsored ventures. In our land of pure, people must understand that Darii ISLAM mai hai.. .DARII mai ISLAM nahee

  41. I am a victim of mufti ghulam rasool, the owner of mezban general store. I am worried that why not NAB arrested the mufti ghulam rasool ? pl tells me about where is the mufti ghulm rasool now.

  45. Nab Should arrest all those mulanas who were involve in this culprit game , they motivate people to put their money in modarba business instead in bank which is haarram. their all property should sold out and refunded the money to poor people who invested them their money.

  47. we r also afeected by elixir group of company they stoleed our money and make us worried i beleived that allah should recover our money inshallah!

  48. We are affected by SHAFIQUE Entp Karachi ,,,,by references of MUFTIES of JAMIA BINNORIA Krachi,,,,so any news ,,,pls inform me ,,and what we can do to recover our amount ………………pls mail me ,,[email protected] ,,,,,thanksssss

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