Major Verdict in Modaraba Fraud Case: 7 Convicts Sentenced, Billions in Fines Imposed

Islamabad — An Accountability Court in Islamabad has announced its verdict in the National Accountability Bureau (NAB) reference involving Mufti Ehsan-ul-Haq, sentencing seven individuals in a major Modaraba fraud case.
The court found the accused guilty of running a fraudulent investment scheme in the name of Modaraba, defrauding the public of large sums of money. The total fines imposed on the convicted individuals amount to approximately Rs. 1.48 billion.
According to the judgment, Zubair Muhammad Khan was sentenced to 3 years in prison along with a fine of Rs. 2.482 billion, while Kashif Shahab received 3 years imprisonment and a fine of Rs. 4.484 billion. Asif Shahab was also awarded 3 years imprisonment with a fine of Rs. 4.746 billion.
Kamran Akhtar was sentenced to 2 years imprisonment with a fine of Rs. 124 million, Muhammad Suleman received 2.5 years imprisonment and Rs. 1.474 billion fine, Nauman was given 2 years imprisonment and Rs. 897 million fine, while Abdullah Liaquat was sentenced to 2 years imprisonment with a Rs. 610 million penalty.
Officials stated that all the accused had been declared proclaimed offenders in 2013, and were arrested by NAB in 2023 before facing trial. The court’s verdict marks a significant conclusion to a long-running financial fraud case.