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    May 20, 2016

Detail

 

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.

 

 

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