Modaraba scandal: NAB gets physical remand of accused

PESHAWAR: An accountability court here on Saturday handed over the brother of the prime suspect in the Modaraba scandal, known as Double Shah, to the National Accountability Bureau (NAB) on a six-day physical remand.

The suspect, Imtiaz Khaliq, was produced before Accountability Court Judge Hamid Mughal after his arrest. Senior NAB Prosecutor Habibullah Baig and the investigation officer appeared before the court.

The NAB officials informed the court that Imtiaz Khaliq was the brother of Mufti Afzal Khaliq,

alias Double Shah, the

key accused in the multi-billion-rupee Modaraba fraud.

According to the prosecution, the suspect allegedly collected billions of rupees from citizens under the guise of Modaraba business, luring them with promises of high profits.

The investigation officer told the court that the accused neither paid profits to the affected investors nor returned their principal amounts, depriving them of their savings.

He was accused of obtaining money from around 1,400 people, many of whom later filed complaints with NAB.

Prosecution officials stated that the trial of Mufti Afzal Khaliq, also known as Double Shah, was already underway.

The court accepted NAB’s request and granted a six-day physical remand of the suspect for further investigation.