Islamabad - A division bench of Islamabad High Court (IHC) will take up a Modaraba scam case here on Monday (today).

The division bench comprising Justice Noor-ul-Haq N Qureshi and Justice Shaukat Aziz Siddiqui will resume the hearing of Modaraba scam worth Rs 2.95 billion.

In the matter, the same bench had earlier granted interim bail to Mufti Ghulam Rasool Ayubi, a prime suspect in the multibillion rupees scandal.

National Accountability Bureau (NAB) had arrested Mufti Ghulam Rasool Ayubi in February last year for his alleged involvement in the scam in which the accused cheated hundreds of innocent people by depriving them of their hard-earned money in the name of safe investment. The same IHC dual bench granted bail to him by directing Ayubi to submit surety bonds worth of Rs 1 million along with two personal guarantees.

Ayubi had submitted affidavit in the court promising to the court that looted amount Rs 2.95 billion would be returned to the victims. He had assured the court that the looted amount would be returned to the victims in 10 months.

The counsel for the petitioner claimed that his client was “sincerely ready” to pay back the amount and requested that the court accept his bail plea so that he could arrange the money.

The NAB Prosecutor Sardar Zulqarnain had opposed the application, arguing that the amount in question was “huge” and that it would be impossible for the suspect to raise such a sum in just 10 months.

Justice Siddiqui observed that NAB should not have any objection if the suspect was ready to pay back the amount.

The accused had convinced people in mosques and seminaries against the present banking system and invited investment in the name of Modaraba and Musharika (Islamic investments) in cash.

According to the NAB reference, in the scam it was promised to pay monthly profit of Rs 5,000 to Rs 9,000 per Rs 100,000 and distributed profit from collected money without any real business.

The NAB stated that the accused was paying some amount to the investors as ‘monthly profit’ and this amount was calculated as around 40 per cent of the total investment in these fraudulent schemes.

The major affected areas of this fraud were included Hazara Division, Federally Administered Tribal Areas (FATA), Malakand Division, Potohar Division and Azad Jammu and Kashmir. Majority of the people affected were retired armed forces personnel, retired government servants and overseas Pakistanis.