The National Accountability Bureau (NAB) will file a supplementary reference next week against the main character of a Modaraba scam accused of cheating hundreds of innocent people and depriving them of their hard-earned money in the name of ‘safe investment’.
The initial reference against Mufti Ehsanul Haq, chief executive of Fayyazi Group of Industries, was filed in an accountability court in February.
“The NAB headquarters has received a draft reference against Mufti Ehsan from its Rawalpindi region,” the bureau’s spokesman Ramzan Sajid told the media yesterday.
He said the NAB’s Executive Board would take up the supplementary reference at its next meeting to be held in a couple of days.
Last year NAB received a number of complaints from general public as well as the Securities and Exchange Commission of Pakistan (SECP) that Ehsanul Haq and his directors had received Rs6.5 billion from people for investment in Modaraba and Musharika schemes and allegedly cheated them.
NAB investigators arrested Mufti Ehsanul Haq in April last year. While admitting the guilt, he applied for voluntary return (VR) under section 25 (a) of the NAO 1999. On June 18, NAB approved the VR for an amount of Rs552 million.
Earlier, NAB received more than 800 complaints from the people who had invested over Rs550 million.
A NAB official said that after Mufti Ehsan had been released hundreds of other victims filed claims and complaints and it was realised the amount involved in the scam was quite higher than the bureau’s estimates.
He was paying Rs8,000 per month on an investment of Rs100,000 and assured the investors that profits would also be reaped from ‘Halal’ sources. People invested between Rs50,000 and Rs1m.
shame on u the bluddyy bustrd man u have represented islam and u have miss used islam name i ddnt think like that the hill bluddy man .