NAB KP arrests accused in Mudarabah case

PESHAWAR: The National Accountability Bureau (NAB), Khyber Pakhtunkhwa, on Thursday arrested Mehmood-ul-Hassan, a resident of Balakot in Mansehra district, for alleged involvement in cheating public at large under the garb of investment in Mudarabah.

The NAB KP through a communique said the accused person was involved in illegal activities in the name of M/s Al-Ahsan Multiple Businesses and Investment Bureau, Mansehra. He along with his accomplices lured the general public into investing their hard-earned money in al-Ahsan business on the promise that they would be given an exorbitant profit. The accused person, it said, accumulated a huge amount from the public and after paying so-called profit for a few months, he stopped payment and fled the area.

“The accused person defrauded the general public and deprived them of their hard earnings,” it added. Two of the culprits - Usman Ali and Roshandin - have been convicted by the accountability courts and Muhammad Shoaib has struck a plea bargain in the instant case. Mehmood-ul-Hassan on other had refused to join the proceedings and was declared a proclaimed offender by the accountability court in 2018.