NAB arrests housing society officials for embezzling funds

ISLAMABAD: The Rawalpindi National Accountability Bureau (NAB) investigation team has arrested Rana Ghulam Farid, President, Ministry of Commerce Employees Cooperative Housing Society (MOCECHS); Syed Amir Hussain Shah, ex-Vice President/General Secretary MOCECHS; Mazhar Hussain, General Secretary MOCECHS; Muhammad Akram Awan, ex- Executive Member/ Member Development Committee MOCECHS; Muhammad Arshad, CEO M/s Sun Shine Real Estate Marketing (Pvt) Limited and Khushnawaz Property Dealer have been arrested from Islamabad in corruption cases.

The arrested accused persons, in active connivance with each other, have been found involved in corruption and corrupt practices in allotment of plots, embezzlement of society funds and illegal award of contracts for development works causing loss of billions of rupees to the members/public at large.

The contracts were awarded to M/s ZS Construction, M/s Mac Construction , M/s Al Khalil construction Company pvt Ltd, M/s Ayan & Co and M/s Capital Venture pvt Ltd.

As per details, multiple complaints have been received regarding an allegation of misuse of authority in the award of development contracts, allotment of plots and embezzlement of society funds against the management of the society.

The investigation revealed that accused Rana Ghulam Fareed, the then MOCECHS president, in connivance and collaboration with others, illegally accommodated and awarded the contract of consultancy services to M/s Naveed Aslam & Associates without competitive biding in gross violation by Laws of the society.

The society has received millions of rupees from members; whereas, the same has been embezzled by the accused persons instead of spending on purchase of land and development works of the society. Moreover, accused persons also allotted plots without balloting.

The investigation also revealed that Rana Ghulam Fareed, in connivance with other accused persons, transferred dozens of files amounting millions of rupees on bogus cheques as well as double allotments. Furthermore, Rana Ghulam Fareed, in connivance and collaboration with other accused persons, also involved in the transfer of 94x memberships on the basis of fake and bogus documents and without the knowledge of the owners.

It is also established from the available evidence that accused persons, in connivance with each other, have committed an offence of the cheating public at large and criminal breach of trust under the provision of NAO, 1999.

The accused person was produced by Investigation Officer Ch Mubashir Karim before the Judge Accountability Court, Rawalpindi, on 02.08.2018 where 07 days physical remand has been granted to NAB for investigation.

Rawalpindi NAB DG Irfan Naeem Mangi said that in light of the directions of NAB Chairman, Justice (R) Javad Iqbal, all out efforts are being made to recover the looted money from swindlers and individuals corrupt.