LAHORE: Federal Investigation Agency (FIA) has handed over the principal accused in the over Rs500 million Modaraba fraud to National Accountability Bureau (NAB).
Mubarak Shah – the director of MM Qureshi International (Pvt), allegedly involved in depriving people of millions of rupees – was apprehended by the FIA during immigration clearance as he was trying to leave for Dubai from Lahore airport.
The agency later contacted the Khyber-Pakhtunkhwa (K-P) chapter of NAB, which was in search of the accused.
Shah’s name was placed on Exit Control List (ECL) on February 25, 2014 by the Ministry of Interior on the request of NAB. NAB has already arrested Mushahid Ali, another director of MM Qureshi International on March 28, 2014.
The accused, operating their organisation from Deans Plaza Saddar Cantt in Peshawar, fraudulently collected from people more than Rs500 million. The gang promised lucrative returns on Modaraba/Musharika investment in their so-called import-export business.
