The National Accountability Bureau (NAB) Rawalpindi chapter has successfully recovered Rs 600 million from the administration of a housing society. The funds have been meticulously distributed among victims who fell prey to fraudulent activities within the housing project.
NAB Rawalpindi Recovers Rs 600 Million
According to NAB Rawalpindi, the recovery comes after a thorough investigation into the financial irregularities of the housing society. The administration of the society, which remains unnamed in the report, initiated a plea bargain with NAB, acknowledging their alleged violations. The society was accused of advertising the project through print and electronic media without obtaining the necessary No Objection Certificate (NOC) from the relevant department.
The NAB Rawalpindi spokesperson stated that the recovered amount was distributed among the victims of the housing society fraud after careful scrutiny and verification. This marks a significant step towards justice for those who suffered financial losses due to deceptive practices within the housing project.
This incident follows a previous action taken by NAB in 2019 when they apprehended Zaffar Iqbal and Raza Malik, the owners of Canal View Housing Scheme in Multan. The arrests were made in connection with allegations of defrauding individuals of more than Rs 343 million under the pretext of the housing project.
An NAB official, speaking to journalists, revealed that the suspects were taken into custody for their involvement in duping people through deceptive practices related to the housing scheme. The suspects, Zaffar Iqbal and Raza Malik, were presented before an accountability court, which granted NAB a 7-day physical remand to conduct further investigations into the matter.
The recovery of Rs 600 million and subsequent distribution to victims underscores NAB’s commitment to ensuring accountability and justice in cases of financial fraud, providing relief to those who have been adversely affected by unscrupulous practices in the real estate sector.