ISLAMABAD: An Accountability Court (AC) on Tuesday awarded a ten-year jail sentence to Ghulam Rasool Ayubi along with a fine of Rs3.7 billion in a reference pertaining to the Mudaraba scandal.
AC Judge Arshad Malik announced the judgment which was earlier reserved in the corruption scam in connection to cheating the public and looting money.
The order read that the accused had been found guilty and all charges against him were proven.
Ayubi and others accused in the case had been arrested on charges of corruption and cheating the public through two Modaraba scams worth Rs8.2 billion and Rs3.3 billion.
The IHC had granted interim bail to Ayubi after he assured the bench to return all looted money in 12 instalments but the bail was cancelled and the accused was arrested again in 2016 after he failed to fulfil the commitment.