PESHAWAR: Khyber Pakhtunkhwa NAB Thursday arrested Syed Muhammad Dawood Shah of M/S Life Medicine Company Traders (LMC) in mudaraba case for allegedly looting Rs 2.71billion from innocent people.
During the course of inquiry, it was revealed that the accused person in connivance with owners and other partners of LMC lured general public to invest their hard earned money in mudarba business. The accused person’s circulated pamphlets in general public through agent/sub agents, which further targeted that segments of society where the hate exist against the interest based/conventional banking system. These pamphlets consisted of materials which encouraged the people for mudarba business (a product of Islamic banking) but, in fact, there was no business of the accused apart from the routine small medicines business. Rs 2.71 billion was looted from innocent masses in grab of fake Life Medicine Company Traders. It is also excavated that the accused has invested the looted money in Oil and scrap business in UAE.
