Alert Sign Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn.com.

Alert Sign Dear reader, please upgrade to the latest version of IE to have a better reading experience

.

NAB arrests man over Mudaraba fraud

Updated July 04, 2018

Email

PESHAWAR: The National Accountability Bureau, Khyber Pakhtunkhwa, on Tuesday arrested a man over an investment fraud.

It will produce suspect Sher Jan, a resident of Charsadda district, in an accountability court here today (July 4) to get physical custody for investigation.

The arrest comes as many people complained to the NAB that the suspect has misappropriated millions of their rupees after falsely promising them high profit in Mudaraba business.

Okays several graft inquiries

The NAB claimed that an inquiry had revealed that the suspect persuaded the people to invest in his Mudaraba business after showing them his vast wheat, vehicles and timber businesses.

It added that the suspect promised exorbitant profit to the people on investment but deprived them of their money as there existed no such business.

Also, the NAB regional board approved several corruption inquires during a meeting here.

The meeting was chaired by NAB provincial director general Farmanullah Khan and attended by directors, deputy prosecutor general, case officers and relevant investigation officers.

The board approved an inquiry against the officials of the provincial prison department regarding alleged corruption.

It is alleged that the officials concerned had embezzled funds allocated for the purchase of uniform, arms and complimentary items.

The board authorised another inquiry against officials of the Khyber Teaching Hospital Peshawar and others regarding corruption.

The relevant officials had allegedly made illegal appointment of medical director, hospital director and secretary of the board of governors at KTH in gross violation of laws.

The board also approved an inquiry against officials of the local government and rural development department over the alleged embezzlement of funds allocated for installation of biometric machines and water coolers in educational institutions.

An inquiry was also approved against the officials of Mohmand region over the alleged corruption in the funds of community health centres.

The board converted the inquiry against Chinar Gul, the owner of Sheikh Yasin Town, Mardan, into investigation over the alleged housing fraud.

Published in Dawn, July 4th, 2018