Suspect in Modaraba scam gets seven-year jail term

Staff Report
Islamabad
An accountability court (AC) on Friday handed down seven-year imprisonment to a suspect in the Modaraba scandal case.
Accountability Court judge Malik Arshad sentenced the prime suspect, Ubaidullah, to seven-year in jail with a fine of Rs380 million after he was found guilty of deceit and fraud.
If the convict failed to pay the fine, he will have to undergo six years more in the prison.
Ubaidullah was arrested by National Accountability Bureau (NAB) in the Modarba scam.
According to NAB, about 33,000 people were robbed of Rs31 billion in the name of Islamic investment commonly known as Modaraba.
Thirteen companies were found involved in cheating innocent people in different cities. Most of the companies were being run by religious leaders (muftis) who used the platform of their mosques to convince the people to invest in Modarabas, instead of depositing their hard earned money in government’s saving schemes, which they called ‘un-Islamic’.
Meanwhile, NAB Chairman Justice (retd) Javed Iqbal chaired a meeting to review the latest progress on the implementation status of the decisions and measures taken by the anti-graft body to further improve its performance.
Justice (retd) Iqbal said that the NAB was determined to make Pakistan-corruption free. “The NAB’s ‘accountability for all’ approach is yielding results which will be broadened further for across the board accountability. He said that NAB’s investigation officers should strictly follow the law, SOPs and the code of conduct in complaint verification, inquiries and investigations on merit.
He said that the NAB with improved infrastructure and rationalized workload has prescribed efficient, effective and expeditious disposal of white-collar crime cases setting a maximum limit of 10 months for adjudicating cases.
“The comparative figures from 2017 to 2018 are indicative of the hard work being put in by all ranks of NAB staff in an atmosphere of renewed energy and dynamism, where the fight against corruption is being taken as a national duty, the Nab chief said.
He said that the upsurge in the number of complaints also reflects the enhanced public trust in the NAB. He said that the NAB was giving top priority to the training of its officers/prosecutors for delivering the assigned tasks timely.
He said that the NAB has established its own indigenous and effective monitoring and evaluation system (MES) catering to the needs of all concerned having salient features of maintenance of data at each stage including complaint entry, complaint verification, inquiry, investigation and the prosecution stage.
Justice (retd) Iqbal said that the introduction of the MES in the NAB headquarters and all regional bureaus to monitor the real-time performance of individuals as well as the bureau was yielding dividends. The NAB chairman directed NAB officers to conduct complaint verification, inquiries and investigation within the stipulated timeframe as the NAB was determined to make Pakistan corruption-free country.

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