KARACHI, Aug 2: As many as 29 accused in the T.J. Ibrahim and Alliance Motors scam reference, mostly directors of the company, were indicted on Saturday in the Accountability Court-II, Karachi.

The accused, who were produced before Judge Ms Qaiser Iqbal, denied all charges against them by the prosecution and pleaded not guilty.

The NAB had filed a reference of the Alliance Motors scam against main accused Pir Asghar Ali Qureshi, Pir Hamid Ali Qureshi, Mohammed Ibrahim, and others, who got together under the patronage of Pir Mohammed Usman and made two finance companies — T. J. Ibrahim and Co, and Alliance Motors (Pvt) Ltd.

It said the accused cheated public by promising a hefty monthly profit of 2 to 3 per cent on an invested amount totalling about Rs5 billions. The court fixed Aug 16 for deposition of prosecution witnesses. — PPI