National Accountability Bureau (NAB) Chairman Justice Javed Iqbal chaired a meeting to review progress on mudaraba cases at the NAB Headquarters. During the meeting, it was informed that NAB Rawalpindi had filed corruption references in accountability court Rawalpindi against Muhammad Nazeer, chief executive officer (CEO) of Islamic investment, and other accused persons in the mudaraba case on the charges of corruption, corrupt practices and cheating public at large in a ploy of Islamic mode of investment in Rs95.52 million. The NAB Rawalpindi filed a reference in accountability court Rawalpindi against Muhammad Bilal of Bilal Trading Corporation and other accused persons in the mudaraba case on the charges of corruption, corrupt practices and cheating public at large in a ploy of Islamic mode of investment in Rs 48.410 million. The NAB Rawalpindi also had filed reference against Muhammad Yasir,s/o Muhammad Gulistan, CEO of Al Jazeera International, and other accused persons in the mudaraba case on the charges of corruption, corrupt practices and cheating public at large in a ploy of Islamic mode of investment in Rs 5.95 million. It also filed a reference in accountability court Rawalpindi against Shamsur Rehman, CEO of M/S Al Baraka Marketing (PVT) Ltd and other accused persons in the mudaraba case on the charges of corruption, corrupt practices and cheating public at large in the ploy of Islamic mode of investment in Rs25.02 million. The bureau also filed a reference in accountability court Islamabad against Ghulam Rasool Ayubi and others persons in a mudaraba case on the charges of corruption, corrupt practices and cheating public at large in a ploy of Islamic mode of investment. The court awarded a 10-yearjail sentence to Ghulam Rasool Ayubi along with fine of Rs 3.7 billion in the corruption reference, which was filed by NAB Rawalpindi. All charges against all the accused persons, namely Ghulam Rasool Ayubi, Hussain Ahmad and M Khalid, were proved true. They were arrested by the NAB in two mudaraba scams. The Islamabad High Court had earlier granted interim bail to Ghulam Rasool Ayubi after he assured the court to return all looted money in 12 instalments, but he failed to honour his commitment. Subsequently, on the request of NAB Rawalpindi, the Islamabad High Court cancelled his bail and he was again arrested by the NAB as per the law in order to return hard earned looted money of innocent victims. In another mudaraba case, NAB Rawalpindi had filed a reference in the accountability court Islamabad against Mufti Ehsanul Haq, CEO of M/s Fayazi Group of Industries, along with nine other accused persons. The accountability court awarded 10-yearimprisonment and Rs9 billion fine to Mufti Ehsanul Haq, while his nine other accomplices were awarded Rs1 billion fine. That penalty was the maximum in the history of the NAB. Mufti Ehsanul Haq and his accomplices were convicted after a detailed perusal of solid evidence presented by NAB Rawalpindi as per the law in the accountably court. It was informed that during the investigation of mudaraba/musharakah scams, it transpired that the accused persons induced public at large to invest the amount in their illegal mudaraba/musharakah business against attractive profits and thus looted the general public. The investigation teams are trying hard for recovery of looted money and have traced some properties, houses and agricultural lands which have been seized/frozen. It was informed that NAB Rawalpindi has filed 30 references in the accountability courts and recovered Rs644.877837 million, besides freezing assets worth Rs1,646.5 million. The number of victims is 31,524, whereas the NAB has arrested 45 accused in mudaraba scam, including Mufti EhsanulHaq, Mufti IbrarulHaq, Hafiz Muhammad Nawaz, MoeenAslam, Obaidullah, Mufti Shabbir Ahmad Usmani, Sajjad Ahmed, Asif Javed, GhulamRasoolAyubi, Muhammad Hussain Ahmed, Hamid Nawaz, Muhammad Irfan, Bilal Khan Bangash, Matiur Rehman, Muhammad Numan Qureshi, Syed Aksheed Hussain, Muhammad Adil Butt, Muhammad Saqib, Umair Ahmed, Aqeel Abbasi, Mufti Hanif Khan, Nazeer Ahmed Ibrahim Alshoriam and Saifullah. Justice Javed Iqbal directed all ranks of officers/officials of NAB Rawalpindi that all-out efforts should be made to recover the looted money from corrupt elements of mudaraba/musharakah scams. He also directed them to pursue proactively the mudaraba/musharakah corruption cases as per law transparently and on merit, and take necessary measures to arrest corrupt elements, proclaimed offenders and absconders in order to return looted money to all victims at the earliest.