NAB to distribute money among victims after selling properties of Modaraba scam convicts

• All claimants will have to submit their original papers to NAB, after which they will get their money back.
• NAB arrested accused Mufti Abdullah Shaukat in Rs7.2 billion Modaraba scam through Interpol from UAE earlier this year.

The National Accountability Bureau (NAB) decided on Monday to distribute millions of rupees among the victims of the infamous Modaraba scam.

NAB Rawalpindi will sell dozens of seized luxury vehicles, land, residential properties and other valuables among the victims of the Modaraba scam. According to NAB Rawalpindi, the victims should submit their compensation claims to the NAB along with the original papers. All claimants will get their money back after scrutiny.

Back in April, NAB arrested accused Mufti Abdullah Shaukat in Rs7.2 billion Modaraba scam through Interpol from UAE. The accused was wanted in a NAB reference regarding modaraba scam whereby one Shafiqur Rehman had cheated public at large by collecting Rs7.2 billion under false promises of investment and profit. The ponzi scheme was run by syndicate of 12 accused in an organised manner, through which they had been successful in defrauding innocent people in Karachi.

Arrested accused Mufti Abdullah Shaukat was wanted for issuing false Fatwa, declaring the illegal business of Shafiqur Rehman as legal and under Islamic laws.

The accused was also in connivance with main accused Shafiqur Rehman in execution of crime, who was beneficiary of huge sums of illegal amount extorted from general public under the name of Islamic investments.

Some 44 suspects have been arrested so far in the Modaraba scam.