1. #1

    And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    Fayyazi Gujranwala Industries, Al-Baraka Marketing, Elixir Group accused of selling Fake Modaraba-Musharaka Investments

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  2. #2

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    I am surprise to see that no news about famous fraudy double shah (Afzal khaliq) of hangu?afzal khaliq looted thousands of people on the name of islamic mudharaba, he managed his bugus bussiness from wah cantt. The people and agents who visited his place at wah cantt, reported that there were some serving army personnel in their uniforms were involved in this whole fraud in which billions of rupees of the common people has been stolen, by these army personals, with their front-man afzal khaliq. It is believed that these army men are from country premier intelligence agency. It is very sad that these personals who are entrusted by people of Pakistan to defend their motherland are looting people and committing frauds on such a huge level, these black sheeps are defaming the name of our security forces. The whole media blackout this fraud for unknown reason, since last one year, i challenge everyone who does not believe in my words to come ask anyone from hangu, doaba, kohat and adjucent areas the people thre all know about these thing but still our institutions specially NAB and judiciary are taking no action against this fraud
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  3. #3

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    Lalchi logon k saath aisa toh hota hai, Aj kal log karna kuch nahi chahty but profit milna chaheye. Sood kha kha k na sirf khud balkey apni auladon ko b shiyateen ki fauj ka hissah bana rahey hain. Astaghferullah.
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  4. #4

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    It is good to see Ansar Abbasi opening his eyes
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  5. #5
    Join Date
    Feb 2013

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    Originally Posted by iceburg View Post
    it is good to see ansar abbasi opening his eyes
    what do you mean by this sentence??
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  6. #6

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    konsay molvi aur mufti hain un k naam tu koi bata dey ?
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  7. #7

    Re: And now "Modaraba Scandal" - rip off in the name of Fake Islamic investments!!

    Originally Posted by onlykami View Post
    konsay molvi aur mufti hain un k naam tu koi bata dey ?
    NAB infighting threatens to halt Rs280 bn Modaraba scam probe

    September, 2013

    ISLAMABAD: As thousands of modaraba scam victims are pinning their hopes on the National Accountability Bureau (NAB) for the recovery of their Rs280 billions, infighting between top NAB officials is threatening to halt the probe into the mega scam, The News has learnt.

    The victims, who had deposited their hard-earned money with a group of so-called religious scholars (muftis) in the name of modarba, are thronging NAB offices by thousands but the officials are unable to make a breakthrough in the investigations owing to severe infighting and absence of leadership.

    The latest bone of contention between the NAB officials is the re-arrest of Mufti Ehsan Ul Haq, one of the key characters of the scam.

    According to sources, the NAB headquarters has sought explanation from the Director General NAB Rawalpindi Col (R) Subah Sadiq over the re-arrest of Ehsan. Sadiq has been asked to explain why he had ordered the arrest of another modarba-scam related person Mian Moeen Aslam.

    Ehsan, who earlier remained in NABs custody for several months, was released in June this year after signing a Voluntary Return plea of Rs550 million under section 25 (a) of NAO 1999.At the time of release Ehsan paid Rs450 million in cash and promised to pay the remaining amount within a month.

    However he failed to return the money within stipulated time, upon which NAB again arrested him last week.The NAB Rawalpindi also arrested Mian Moeen Aslam earlier this month for allegedly taking Rs40 million cash and four expensive cars worth Rs60 million from a close relative of Ehsan, claiming that the vehicles and amount would be given to NAB officials as bribe.

    According to NAB Rawalpindi, Moeens arrest is also being questioned now by NAB headquarters. Sources said the Deputy Chairman of NAB thinks his juniors at Rawalpindi regional office had misused their authority in arresting Moeen.

    When contacted Col (Retd) Subah Sadiq said he is under pressure from NAB headquarters over Modarba scam related arrests. The situation is disturbing and I am unable to expand the scope of investigations after the issuance of explanation letters by the NAB headquarters, Sadiq told The News.

    He said due process was followed in arrest and re-arrest of Mufti Ehsan as he had failed to fulfil the conditions of VR agreement. He said over 1500 more applications of the victims have been received so far by NAB Rawalpindi. Sadiq also disclosed that the amount recoverable from Mufti Ehsan has reached Rs2.5 billion in the light of victims applications.We were afraid that the accused might leave the country if he is not arrested, he said.

    However, a spokesman of NAB deputy chairman Rear Admiral (retd) Saeed Ahmed Sargana denied that any pressure is being exerted on DG NAB Rawalpindi over Ehsans arrest.

    There is no truth in such allegations and the deputy chairman fully supports investigation into the modarba scam, said his spokesman adding that NAB headquarters would support efforts of DG NAB Rawalpindi in recovering the looted amount.He said another official of NAB headquarters had only objected to NAB Rawalpindis signing of VR deal with Mufti Ehsan without following the proper procedure.

    Meanwhile sources in NABs modarba investigation team believe Mufti Ehsans had collected Rs10 billion from his victims and promised six to eight per cent monthly profit.

    They said several other fake modarba groups including Elixir group, Maizban group and Albaraka Marketing had also collected huge amounts from their victims and the total volume of the scam could reach Rs280 billion. These victims of modarba scam were promised annual interest-free profit.

    The initial investigations have revealed the so-called mufti gave major chunk of the amount to a powerful Afghan diamond smuggler who travels frequently to Singapore, Afghanistan and Thailand.

    It is feared that the mysterious smuggler has transferred the money abroad. Two other main characters of the scam, Ghulam Rasool Ayubi and Mufti Osama, have fled the country to escape prosecution.

    Sources said NAB is unable to initiate inquiry against other groups without the appointment of new chairman. They said any action against the diamond smuggler would also need chairman NABs approval.But the seat of NAB chief is vacant since May 28. The Supreme Court has given the government until today (Friday) to make the appointment.
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  8. #8

    Exclamation NAB filed the reference

    Recovery chances are low, since this business was totally illegal at all, so the investors will also be held responsible for participating in an illegal business.

    NAB to file first reference against multi-billion Modarba scams

    November 8,2013

    ISLAMABAD: The National Accountability Bureau (NAB) is set to file the first reference in the multi-billion modarba scam, involving so called religious scholars, who looted thousands of innocent Muslims in the name of interest-free investments. Sources told The News that the total volume of modarba scam is feared to be over Rs300 billion, but the Bureau has so far been able to complete probe into one such case pertaining to Mufti Ehsanul Haq, who is accused of collecting Rs6 billion from his victims. When contacted, NAB spokesman Ramazan Sajid said the NAB chairman had directed the Bureau to expedite investigations related to the scams involving general public.He said modarba scam had affected a large number of citizens and the bureau will take all measures to ensure speedy recovery of public money. The accused promised 5 to 8 percent interest-free monthly profit to his victims but failed to keep his words after a few months of profit distribution prompting over 3,000 people to file complaints with the Bureau for the recovery of their investment.

    Ehsan is currently in Adiala jail after remaining in NABs custody for around 87 days. According to sources, the Bureau has completed investigation against Ehsan and his accomplices including alleged diamond smuggler Nisar Khan, who also holds a Thai nationality. Sources said the investigation team will soon present the draft reference before the Chairman NAB Chauhdry Qamar Zaman for his final approval. They added that the Bureau is planning to bring back the key accused Nisar Khan from Thailand after filing the reference.Sources said the Bureau will start distribution of money among Ehsans victims after recovery of substantial amount from the accused. So far only Rs450 million could be recovered from Ehsan.

    NAB investigators are confident that recovery process will pick up after the arrest of Nisar Khan as they believe a major chunk of modarba money is invested in his diamond business in Thailand and Africa. However, Nisar denies all these allegations. Even if the Bureau successfully takes the Ehsan case to its logical end, only a small fraction of modarba victims would be compensated as thousands of others have invested with big modarba groups like Elixir Group, Mezban group and Albaraka Marketing. All these companies are involved in illegal Modarba business without permission from Securities and Exchange Commission of Pakistan (SECP).
    Sources said NAB is also likely to start probe against Elixir Group which remained under investigation by the Federal Investigation Agency (FIA) for few weeks.
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