ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi has arrested a fugitive wanted for cheating public in the name of Islamic investments through a fake Modarba.
The Accountability Court had declared Uzair Shah a proclaimed offender in the Rs270 million Modarba scam. NAB produced Uzair Shah before Accountability Court in Islamabad and got his nine-day physical remand to interrogate him.
He was wanted along with Riaz Khan and others for charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment, said a NAB statement.
So far 113 victims of the scam have approached this bureau and have lodged a cumulative claim of approximately Rs269.61 million, the statement said.
It was also revealed during the course of investigation that the accused persons after receiving the investment from general public set up the business on name of Modarba and assured the affectees of very high profit but they failed to run the said businesses and therefore deprived the investors of their hard earned savings.
