ISLAMABAD - The National Accountability Bureau (NAB) Monday filed another corruption reference in multibillion rupees Modarba scam against Mufti Shabbir Ahmad Usmani, chief executive of Al-Wasay Group and Khateeb of Jamia Masjid Al-Badar, Taxila, and eight other co-accused.
According to the NAB officials, the accused are alleged for committing corruption and corrupt practices and cheating the public at large in the ploy of Islamic mode of investment. The reference has been filed in the accountability court against nine accused including Shabbir Ahmed, Sajjad Ahmed, Tariq Mehmood, Raja Babar Zaib, Malik Faisal Sultan, Qamar Shehzad, Saifur Rehman, Muhammad Adil and Muhammad Fayaz. In this case, complaints were received from general public alleging therein that the accused Shabbir Ahmed and other co-accused are involved in illegal business of Modaraba and have looted the general public of their hard earned money to the tune of Rs 49,065,000.
The accused lured the general public that they are running business of mining with a company namely Mega Links Pvt Ltd Islamabad and offered attractive profits for their investments on monthly basis. They received heavy investments in the name of Modaraba, paid abnormal profits initially and later on not only they stopped paying the profit but also disappeared.
Shabbir Ahmed instigated general public against present banking system and profit received on investment from National Saving Centres or banks. He urged them to invest in his “Halal” business of Modaraba and offered attractive profit. Due to his religious background, he easily gained the trust of general public and he then fraudulently convinced them for investment in the name of Modaraba by assuring them that he is related to a company namely Mega Links Pvt Ltd, which is running business of quarrying and mining in Islamabad and earning huge profits.
Currently, NAB Rawalpindi is pursuing 81 cases of modaraba scam which are at different stages of investigation.
On the direction of the Chairman NAB Qamar Zaman Chaudhry, the regional bureaus are pursuing the cases of looting the public at large especially the Modaraba scam to bring the culprits to task and recover the hard earned money of the general public falling prey to these fraudulent schemes.