NAB KP arrests Syed Muhammad Dawood Shah of M/S Life Medicine
Company Traders (LMC) Hangu Involved in cheating public at large
Chitral Times Report
PESHAWAR: NAB Khyber Pakhtunkhwa today arrested Syed
Muhammad Dawood Shah (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 Rs.
2.71billion 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 moneyin Mudaraba
business. The accused persons 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
consisted 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. Rs. 2.71 Billion was looted from innocent masses in grab
of fake Life Medicine Company Traders. 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 Jamshid Khan,Amjad Iqbal and Abdul
Samad of M/S LMC Traders, Doaba Hangu had already been arrested by
NAB(KP). The accused person is being produced before Accountability
Court for obtaining his physical remand.