Ayubi, two others jailed, fined in Mudaraba graft reference

ISLAMABAD: The Accountability Court, Islamabad, awarded 10 years jail sentence to Ghulam Rasool Ayubi and a fine of Rs3.7 billion in a corruption reference of Mudaraba case which was filed by Rawalpindi NAB.

The accused Ayubi had been found guilty, and charges against all the three accused persons named Ghulam Rasool Ayubi, Hussain Ahmad and M Khalid were proved true.

The accused had been arrested by NAB on the charges of cheating public at large on the ploy of Islamic investment in two ‘Mudaraba’ scams by Ghulam Rasool Ayubi and others.

The Islamabad High Court had granted interim bail to Ayubi after he assured the Islamabad High Court to return all looted money in 12 installments, but the accused Ayubi failed to honour his commitment. Subsequently, on the request of Rawalpindi NAB, the Islamabad High Court cancelled his bail and the accused Ayubi was again arrested by NAB in 2016 as per law in order to return hard earned looted money of innocent affectees.

Earlier, in another Mudarba case, the Islamabad Accountability Court had awarded 10 years imprisonment and Rs09 billion fines to Mufti Ehsanul Haq while his nine other co-accused were imposed Rs01 billion fine.

That conviction was maximum in the history of NAB. The accused Mufti Ehsanul Haq, CEO of M/s Fayazi Group of Industries Mudarba case, along with nine other accused persons have been convicted after detailed perusal of solid evidence presented by Rawalpindi NAB as per law by the Islamabad Accountably Court.

The Rawalpindi NAB Director General, Irfan Naeem Mangi, has said that NAB, under the dynamic leadership of Justice (R) Javed Iqbal, is absolutely committed to nabbing corrupt elements by using all its resources with iron hands by adopting NAB’s ‘Accountability of All’ policy.