NAB returns Rs630m to Shaheen Foundation for payment to victims

Islamabad

Managing Director (MD) of Shaheen Foundation Air Marshal (r) Muhammad Jamshaid Khan called on NAB Chairman Qamar Zaman Chaudhry, at National Accountability Bureau (NAB) Headquarters where Chairman NAB presented him cheque of Rs43 million which will be returned to the affectees of M/s Shaheen Foundation, says a press release.

Till Today, NAB has returned Rs630 million to Shaheen Foundation recovered from the present management of Al-Hamra (Pvt) Ltd and Management of Eden Builders (Pvt) Ltd.

In a case of Al-Hamra (Pvt) Ltd and Management of Eden Builders PVT Ltd, NAB Rawalpindi has successfully pursue the management to realize the recovery of Rs.1832.168 million along with the profit of Rs573.412 from the present management of Al-Hamra (Pvt) Ltd, Al Hamra Avenue Pvt Ltd through its Chief Executive & others.

In this case, previous management of the said companies deceived the Shaheen Foundation and its 700 members by inducing them to book the plots in their projects and received Rs1258 million (approx). The subject accused has failed to hand over the plots to Shaheen Foundation 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 management of Al-Hamra (Pvt) Ltd, Al- Hamra Avenue Pvt Ltd shown willingness in writing to return Rs573 million as a profit in addition to principal amount of Rs1,258.758 due to NAB efforts. NAB to date has returned Rs630 million to Shaheen Foundation for payment to the affectees of M/s Shaheen Foundation.

Managing Director (MD) of Shaheen Foundation appreciated the sincere efforts NAB especially thanked NAB chairman for recovering looted money of the affectees of Shaheen Foundation.