ISLAMABAD: The National Accountability Bureau (NAB) has filed a corruption reference in Rs95.52 million Modarba case in Accountability Court Rawalpindi against Chief Executive Officer (CEO) Islamic Investment, Muhammad Nazeer and others.
The accused have been charged on corruption, corrupt practices and cheating public at large in ploy of Islamic mode of investment. NAB Rawalpindi has filed four references in Modarba Scam and in the second corruption case, the Bureau filed reference in Rs48.410 million Modarba scam in Accountability Court, Rawalpindi.
This reference has been filed against Muhammad Bilal of Bilal Trading Corporation and other accused persons on charges of corruption, corrupt practices and cheating public at large.
Similarly, the third corruption reference of Rs5.95 million in Modarba case was filed in court against Muhammad Yasir S/O Muhammad Gulistan, Chief Executive Officer (CEO) Al Jazeera International and other accused persons.
In fourth corruption reference, the Bureau has filed reference in Rs5.02 million Modarba case in court against Shams-ur-Rehman Chief Executive Officer (CEO) M/S Al Baraka Marketing (PVT) Ltd and other accused persons.
During investigation it was transpired that the accused persons induced public at large to invest amount in their illegal Modarba/Musharika business against attractive profits and thus looted the general public.
The investigation teams are trying hard for recovery of looted money and have traced some properties, houses and agricultural lands which have been seized.
NAB Rawalpindi Director General Zahir Shah has said the Bureau is committed to eradicating corruption in line with directions of NAB Chairman Qamar Zaman Chaudhary and therefore, all efforts are being made to arrest corrupts in order to bring them to justice and recover hard earned looted money of innocent people from the corrupts.
