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December 5, 2018

Housing society ex-director remand extended


December 5, 2018

LAHORE: An accountability court on Tuesday extended physical remand of former director Paragon City Qaiser Amin Butt by December 12 in an alleged illegal housing scheme and fraud case.

NAB officials produced the accused before the court and sought extension in his physical remand to carry out further investigations. The court after hearing the NAB’s plea extended the remand of the accused by December 12.

As per the NAB claim, accused Qaiser Amin Butt in connivance with Nadeem Zia and others launched an illegal housing scheme known as Paragon City (Pvt) Ltd in 2005 on the basis of forged and fabricated documents along with alleged approvals from TMA Aziz Bhatti Town, Lahore.

Moreover, during year 2013, all the TMA approved housing schemes were transferred to Lahore Development Authority (LDA), however, record of Paragon Housing Scheme was intentionally not shifted to LDA by the accused persons.

Paragon City Housing Society has, so far, no approval from LDA. Thus, Director Qaiser Amin Butt being the beneficial owner is running the housing scheme, unlawfully.

Accused Qaiser Amin Butt being the Director M/s Paragon City aided, connived, assisted and abetted accused Nadeem Zia and others in commission of offences of cheating public at large and misappropriation of funds collected from the general public at large in addition to that subsequent diversion of funds for setting up new business concerns for their personal gains. Moreover, in addition to above, accused Qaiser Amin Butt accompanied by others issued allotment letters of commercial and residential plots to the general public on the basis of land which is not owned by the Paragon Housing Scheme. The funds collected from the general public were converted for the personal use of the accused persons instead of providing timely development and possession of plots to the allottees. The NAB had started an investigation in November 2017 into a mega land scam involving Paragon Housing Society in Lahore and the Punjab Land Development Company (PLDC). Paragon City is allegedly owned by Khwaja Saad Rafique. The bureau had written to the PLDC to submit record regarding its project Ashiana Iqbal, Lahore, for which a contract agreement was signed between the PLDC and Anhui Construction Engineering Group owned by Director Paragon Exchange Ali Sajjad, Bismillah Engineering Company owned by the chief executive of Paragon City Nadeem Zia and Sparco Group.

Furthermore, the bureau had arrested Muneer Zia and Umar Zia, brothers of Paragon City Chief Executive Officer (CEO) Nadeem Zia. However, Nadeem Zia is still at large and most probably has fled the country.

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