ISLAMABAD: The National Accountability Bureau (NAB) has recovered above Rs 446 million from a private company allegedly cheating the public by illegally receiving investments in name of “Modaraba”.
According to a NAB official, the Bureau has also released the accused Qari Ehsan-ul-Haq who was running Fayyazi Gujranwala Industries without registration of and approval of Security Exchange Commission.
He said NAB had received complaints from 838 people that they had deposited more than Rs 552 million to Qari Ehsan-ul-Haq for business and return of amount Rs 5000 to 8000 against every 0.1 million.
He said NAB has recovered an amount of Rs 446 million out of the total amount and Rs 105 million is yet to be recovered.
However, the Bureau has confiscated his property for the recovery of remaining amount. Qari Ehsan had been arrested on April 16 and released after recovery of amount under the plea bargain law of the bureau, said the official.
Three advertisements were given in the leading newspaper for general public stating that the NAB Rawalpindi is conducting an inquiry against Mufti Ehsan on allegation of cheating public at large.
NAB has warned general public to refrain from any business, investments and money transactions with these accused persons.
Those who have already given money to these accused persons should contact NAB.
However, he said after releasing Qari Ehsan, the NAB has received another complaint of alleged fraud of Rs 447 million against him.
He said the verification of the complaints was underway and action would be taken soon on the said complaints.
The official estimated that the group was involved in fraud of around Rs 13 billion and the major chunk of the money had been transferred to Thailand.
The NAB had engaged a businessman Mian Moeen as mediator in the case. But meanwhile, the Bureau received a complaint from Ahsan Khan, brother-in-law of Qari Ehsan that the mediator had received four luxury vehicles and an amount of Rs 450 million from them as bribe assuring to help resolve the case in their favour.
He said NAB has also arrested Mian Moeen and launched investigation.