NAB gives Rs117.5m cheque to Shaheen Foundation for affected people

ISLAMABAD: Chairman National Accountability Bureau (NAB) Qamar Zaman Chaudhry on Friday presented a cheque of Rs 117.5 million to Managing Director Shaheen Foundation Vice Chief of Air Staff Air Marshal Saeed Muhammad Khan to return the amount to affected people of the foundation. Air Marshal Saeed, who called on the chairman here, thanked him for recovering the looted money of the affected people.

As per details in a case of Al Hamra (Pvt) Ltd and Management of Eden Builders, NAB Rawalpindi successfully pursued the management to realize recovery of Rs 1,832.168 million from the present management of Al Hamra (Pvt) Ltd and Al Hamra Avenue Pvt Ltd through the chief executive and others. The previous management of the said companies deceived the Shaheen Foundation and its members by inducing them to book plots in their projects and received Rs 1,258 million (approx).

The subject accused failed to hand over the plots, rather the land was sold to other parties and deprived the members of Shaheen Foundation from their hard-earned money. During the inquiry proceeding, the present sponsors have shown willingness in writing to return Rs 573m as a profit in addition to the principal amount. In the first phase, Rs366 million have already been returned to the affected people of Ms Shaheen Foundation due to NAB efforts. In second phase, Rs50 million have been returned to the  affected people of Shaheen Foundation. Today, in third Phase Rs117.5 million were returned to the affected people.