ISLAMABAD: The National Accountability Bureau (NAB) has filed another reference in the multi-billion Modaraba scam.

A NAB spokesman said on Sunday the reference had been filed in the Accountability Court, Islamabad, against the owner of Mezban Stores, Ghulam Rasool Ayubi, the chief executive of Mezban Trading Company, Mohammad Imran, Hussain Ahmed and Mohammad Khalid who allegedly collected Rs2.95 billion from people in the name of Modaraba investment.

The NAB, Rawalpindi, has received more than 2,800 complaints against the accused who had allegedly promised the ‘investors’ to pay a monthly profit of 30 to 50 per cent of the earnings on their investment.

NAB approves references in Modaraba scams

The spokesman said since more complaints were still pouring in their number might increase.

The investors alleged that they had received the profit only for a few months and after that the accused neither paid back the amount invested nor the monthly profit.

Moreover, it was not the actual profit earned from the business of Mezban Stores but from the investment made by people.

The NAB spokesman said the investigation revealed that the accused had got the Mezban Trading Company registered to illegally use it as a Modaraba company. Then the accused set up Mezban stores in several cities across the country.

The stores had been closed down a few months ago.

The NAB Rawalpindi has been pursuing 81 cases in the Modaraba scam and the total amount involved is said to be over Rs31bn.

Published in Dawn, July 28th, 2014