IHC grants bail to Rs7.5b modarba scandal accused

By: News Desk      Published: 07:03 PM, 15 Apr, 2020
IHC grants bail to Rs7.5b modarba scandal accused

The Islamabad High Court (IHC) on Wednesday granted bail to Hafiz Mukhtiar, one of the accused of the Rs7.5 billion modarba scandal.

IHC Chief Justice Athar Minallah and Justice Mohsin Akhter Kiyani granted the bail against Rs2 million surety bonds. The court also ordered authorities to place the accused’s name on Exit Control List (ECL).

In the multi-billion-rupee scam of 2013, some clerics cheated innocent people, including retired government employees and widows, in the name of an Islamic mode of investment, called modarba.

Hafiz Mukhtiar Khan was director of the Mufti Ehsanul Haq of Fiazi Group of Industries at the time of the scandal. He was arrested on March 13, 2015. National Accountability Bureau (NAB) had already arrested 45 people in connection with this scandal.

It is pertinent to note that the main accused in the case, Mufti Ehsanul Haq of Fiazzi Group of Industries, was awarded 10-year imprisonment.

NAB received 9,584 complaints from the affected people in this modarba scam and recovered Rs2.291 billion from the accused so far while 14 properties and 22 luxurious vehicles have been seized under Section 12 of NAO 1999, as per media reports.