Monday October 18, 2021

NAB recovers Rs 1 bn pay order from housing society

September 23, 2021
NAB recovers Rs 1 bn pay order from housing society

LAHORE: The National Accountability Bureau has recovered a pay order worth Rs1 billion from the management of a private housing society involved in a real estate fraud with thousands of people.

The NAB Lahore had started an inquiry against the management of the society in January 2019, following hundreds of complaints of cheating, fraud and deception to the public against the management.

However, the number of complaints later increased and when thousands of complaints were received from the victims, the scandal was brought under investigation by the NAB Lahore. Claims worth Rs 13 billion were submitted by 11,888 victims during the course of investigations.

The NAB spokesperson informed that as per the directions of NAB Chairman Justice (r) Javed Iqbal, the ongoing probe into the scandal was brought to a logical conclusion. “In October 2019, the claims of 11,888 victims were made part of a reference worth Rs25 billion.

The spokesperson said that despite the passage of a long time, the administration neither provided plots to the victims nor did they return their houses and investments. “Similarly, funds were illegally collected from the victims by the administration even though the land for the projects was not available with them. During the investigation, the accused managed to escape abroad,” he added.

Meanwhile, in March 2021, an accountability court in Lahore issued orders to sell the properties owned by the accused. One accused had filed an application with the Lahore High Court, seeking a conditional bail.

“On the bail application of the accused, the court had on June 3, 2021 ordered the accused and his wife to deposit Rs1 billion in the official account of the NAB chairman as surety without further delay," he said and added all the properties owned by the housing society and its owners remain still frozen by the NAB Lahore.