KHAR: The victims of modaraba investment scam in Bajaur Agency on Thursday demanded of the local administration to take stern action against the local agents of fake modaraba scheme and recover their looted money from them.

They also threatened to launch a protest movement if the administration did not arrest the people responsible for the scam within a week.

Addressing a press conference here, the representatives of All Bajaur Modaraba Scam Affectees Union, including its president Haji Khan Badshah, general secretary Mohammad Jamil and others said that about a year ago a group of religious people got millions of rupees from hundreds of tribesmen in the name of Modaraba business (Islamic mode of financing) and most of them were members of Tableeghi Jamaat.

They said that the agents told them that the money would be invested in Islamic business managed by religious people who were the members of Tabligi Jamaat. They said that in this way the agents received millions of rupees from people in different areas of the agency.

They claimed that the agents belonging to different areas of the agency had also given written receipt to the local investors in which it was mentioned that they would be responsible for their money in case of any financial mismanagement.

They said that the affected people were given monthly profit of up to 12,000 for the starting three months and after that the agents suspended the payment of profit. He said that the scam had plunged the affected people into financial difficulties. They said that the local agents were also not ready to return their money.

They said that according to information a large amount of looted money was still with the agents and they had started property and other businesses.