MULTAN, Dec 2: The civil judge-cum-judicial magistrate adjourned the hearing of bail application of the Madad Committee patron for Tuesday as the Qutabpur SHO failed to present record of the case against the accused on Monday.

According to estimated figures, until Nov 30, a sum of Rs70 million had been disbursed among some 7,400 victims of the Madad Committee scam.

Tahir Sharif had filed his bail application pleading that as all money collected from the people in the name of Madad Committee had been retrieved by the police and the same was being distributed among the investors, his detention was without justification.

On Nov 30, an amount of Rs1.6 million was disbursed among 395 victims of the Madad Committee. Repayment to the depositors has been accelerated ahead of Eidul Fitr.

Chartered accountant Younas Ghazi, a member of the committee formed for repayment to Madad Committee scam victims, told APP that some 25 to 30 per cent of the total amount of Rs220 million had been recovered from Tahir Sharif and the same was being distributed among the victims.

About the formula for repayment, committee chairman EDO (Finance) Muhammad Khan Khichi said the bigger the amount, the more the deduction from the principal amount. For example, if a person had deposited Rs600, he was paid the whole amount, but above that a deduction was made. This approach was adopted so that small investors could get back maximum amount.

Tahir Sharif, a PTCL employee, had launched an investment scheme entitled “Madad Committee” which, in fact, was illegal banking, some six months back in Liaquatabad Mohallah. As he would offer a 45 per cent profit on investment per week, some 10,000 people deposited their savings with him.

The Qutabpur police told APP that as all the record was with the SP (investigations), they knew nothing of the fact that why the record was not being produced in the court on Monday.