Source: Dawn.Com:
Codenamed the ‘Mufti Scandal’ within NAB, the Bureau nabbed the Mufti behind the operation and imprisoned him for two months after which he offered to pay Rs450 million in exchange for his freedom. Another Rs100 million are still to be recovered and Ehsan’s name has been placed at the Exit Control List (ECL).
In order to reclaim their investments, some 85 investors, including Mr Ejaz, had filed a written application with the NAB about a month ago.
However, not all investors in these illegal ventures were as lucky.
When this scandal came to light, another similar venture, run by Mufti Osama, fell apart because its operators ran away fearing investigation. Those who had invested in it have now lost their money.
According to NAB officials, Mufti Osama, the operator of this illegal Modarba business, escaped to United Arab Emirates (UAE) along with the investors’ money.
He belongs to Southern Punjab and is said to be linked to Lal Masjid (Red Mosque). However, the Lal Masjid management denies this.
Furthermore, a NAB official said Mufti Khalid, the partner of Mufti Osama who lured people to invest in the Islamic business, was also close to the Lal Masjid.
Originally from Fatehjang, the cleric holds sway over major seminaries in Rawalpindi and Islamabad, he added.
The building of the Mosque has now posted a message stating that they had nothing to do with such investment schemes. Maulana Abdul Aziz has regularly denied any links with such Islamic investment schemes.
How the scandal came to light
The bureau took up the case in March this year after queries were made by several depositors regarding the legality of such investments, and a formal complaint was registered by the Securities and Exchange Commission of Pakistan (SECP).
The vast majority of these depositors are not only educated but also relatively well off businessmen – some of them had invested up to Rs10 million.
“We were driven by a combination of religious fervor and greed. We fell for the catchy slogans of the clergies,” Mr Ejaz said.
The investments by the depositors had been acknowledged by Mufti Ehsan in written form, as he stamped and signed the deposit forms.