NAB returns Rs 670m to Shaheen Foundation

Islamabad :Air Marshal (R) Muhammad Jamshaid Khan, Managing Director (MD) Shaheen Foundation called on Qamar Zaman Chaudhry, Chairman NAB at NAB Headquarter where Chairman NAB presented him cheque of Rs35 million which will be returned to the affectees of M/s Shaheen Foundation.

Till date, NAB has returned Rs670.242 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 pursued the management to realise the recovery of Rs1832.168 million along with profit of Rs573.41 million 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 Rs573.41 million as a profit in addition to principal amount of Rs1258.758 due to NAB efforts.

Air Marshal (Rtd) Muhammad Jamshaid Khan, Managing Director (MD) Shaheen Foundation appreciated the sincere efforts of NAB especially he thanked Qamar Zaman Chaudhry, Chairman NAB for recovering looted money of the affectees of Shaheen Foundation. Qamar Zaman Chaudhry, Chairman NAB said that NAB is committed to recover looted money from corrupt by adopting Zero Tolerance Policy across the board.