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  • Illegal mudarba firms: Pensioners, women lose millions

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    • Published in Punjab

    ATTOCK: The dream (or greed) to become rich overnight often leaves people even deprived of their lifetime savings. 

    Khan Badshah of the Attock district faced a similar situation. The 53-year-old has been living in a rented house in the Attock city for the last 14 years.

    He had a dream to build his own house on a plot which he purchased after retirement from the Pakistan Air Force (PAF) in 2000.

    “After retirement, I opened a general store in the city and brought my family here from my native village.” Khan said he saved Rs0.3 million and was looking for investing the amount in some business to get profit and construct his own house.

    In 2013, one of his friends told him about a firm involved in Mudarba business. He said the firm, Elixir Group of Companies, was giving a monthly profit of Rs4,000 to Rs5,000 on the investment of Rs0.1 million.

    “I handed over the Rs0.3 million to an agent of the company in April 2013. But two months later, the company closed its office in the city and disappeared,” he added.