NAB Khyber Pakhtunkhwa today arrested Jamshid Khan (absconder) of M/S Life Medicine Company Traders (LMC) who in the garb of Islamic mode of business i.e. Mudaraba Business allegedly cheated public at large and looted billion of rupees from innocent people fraudulently.
During the course of inquiry it was revealed that the accused person in connivance with owners and other partners of LMC lured general public to invest their hard earned money in Mudaraba business. The accused in connivance with others was very rarely involved in direct collection of money from general public.
He actually circulated pamphlets in general public through Agent / sub agents, which further targeted that segments of society where the hate / dislike exist against the interest based / conventional banking system.
These pamphlets consist of materials which encouraged the people for Muddariba business (a product of Islamic banking) but, in fact, there was no business of the accused apart from the routine small medicines business. By this way the accused person in connivance with others has collected Rs. 2.71 Billion from the public. It is also excavated that the accused has invested the looted money in Oil and scrape business in UAE.
It is worth mentioning here that Amjad Iqbal and Abdul Samad of M/S LMC Traders, Doaba Hangu were arrested by NAB (KP) on 10-1-2013. The accused Jamshid Khan produced before Accountability Court Peshawar and court granted 7 days physical remand of the accused.
All the affectees of Life Medicine Company Traders (LMC) Doaba Hangu are advised to submit their claims against the said company in Office of Director General, National Accountability Bureau, Khyber Pakhtunkhwa, PDA Complex, Block – III, Phase – V, Hayatabad Peshawar.