The Pakistani Express Tribune explained that Ahmed put up that bounty in retaliation from the US reward for that catch regarding LeT founder Hafiz Saeed.
Saeed is needed for the 2008 Mumbai fright blasts during which 166 men and women were killed.
The British peer reportedly said: "'If the US can announce your compensation regarding $10 million for your (capture) involving Hafiz Saeed, I might announce a bounty associated with 10 million (for the record of) President Obama and his or her predecessor, George Bush," the Telegraph said.
A Labour Party spokesman said, "We have stopped Lord Ahmed pending investigation. If these types of comment forms are accurate, all of us utterly condemn most of these statements that happen to be completely unacceptable."
The peer called the actual US bounty being an "insult to any or all Muslims".
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