NAB arrests accused in Rs1.5 billion housing scam

ISLAMABAD: The National Accountability Bureau (NAB) Lahore Thursday arrested accused Zahoor Ahmad Wattoo in Formanites Housing Scheme scam worth Rs1.5 billion on allegation of cheating public at large.
In the said scam, more than 1,100 affected people filed complaints with NAB, Lahore.
The accused persons launched Formanites Housing Scheme in 1997 and tempted the general public to purchase plots in the housing society.
In the housing scheme, illegalities committed by the accused persons were massive in number and magnitude.
The number of plots sold out to the general public was far greater than those existed in the approved plan. Moreover, there were frequent instances of duplication and cancellation of plots without any justification and plausible reasons.
Further, land reserved for amenities was illegally transformed into residential and commercial plots and sold out to the general public and the public was forced to pay excessive development charges.
In 2003-2004 the accused persons illegally started booking and selling plots in Phase-II of the housing scheme for which no land was specified in the first place and continued the practice recklessly over a long period.
The accused persons deprived the general public of their hard earned money and used the ill-gotten money for their personal gains.
The accused persons amassed huge assets and utilised the money to open new ventures.
The accused person shall be produced before Accountability Court on Friday for obtaining physical remand.