ISLAMABAD: A Regional Board Meeting of the National Accountability Bureau (NAB), Rawalpindi/ Islamabad, approved three references in multi-billion Modaraba cases.
The approval was given in a NAB Regional Board meeting which was held with the chair of its Director General Naeem Mangi on Thursday and was attended by the deputy prosecutor general Accountability, directors, case officers, legal consultants and other officers concerned.
The board approved three references. In the first case, supplementary reference was approved against Accused Abdul Hameed in case title State v/s Maulana Abdullah, M/s Islamic Traders Pvt Ltd, Rawalpindi & others. During the course of the investigation, it transpired that accused Abdul Hameed, in connivance with other accused, received huge money on the pretext of Modaraba business and misappropriated an amount of Rs400.1 million.
Recently, the accused was arrested by Rawalpindi NAB and remained in its custody. Later, he was sent into the judicial custody at Adiala Jail. In the second case, the regional board approved supplementary reference against Uzair Shah in case of the State v/s M Riaz and others. During the investigation, it was confirmed from SECP that accused was never got registered its company with SECP for doing Modaraba business.
Thus the accused person dishonestly and with mala fide intentions gave the impression to the general public that his company is registered with the SECP. Accused Uzair Shah, in connivance with other accused persons, cheated and defrauded to the tune of Rs272.7 million.
Recently, the accused was arrested by the Rawalpindi NAB and remained in its custody. Later, he was sent into judicial custody at Adiala Jail. In the third case, the board approved supplementary reference against Shahid Aziz and Muhammad Yasir in M/s Elixer group and others.
During the investigation, it transpired that the accused persons induced public at large and collected amount from them in the name of Modaraba and misappropriates the same.
