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First major arrest made under AMLA: Probe ordered into ‘Future Vision' scam: DG NAB
First major arrest made under AMLA: Probe ordered into ‘Future Vision' scam: DG NAB

Business Recorder

time3 days ago

  • Business
  • Business Recorder

First major arrest made under AMLA: Probe ordered into ‘Future Vision' scam: DG NAB

LAHORE In pursuance of the public welfare-oriented vision of Chairman NAB, the National Accountability Bureau, Lahore convened mega open court chaired by Director General NAB Lahore, Ghulam Safdar Shah. The event was marked by the substantial participation of victims from various high-profile corruption scandals, reflecting public confidence in NAB's redressal mechanisms. Victims of Future Vision scam, Bahria Cuisines scam, Omega Housing scandal, New Lahore City, Pak-Arab Housing Society, Khayaban-e-Amin Housing Society, Eden Garden, and Professional Cooperative Housing Society earnestly approached the forum to present their grievances by seeking institutional support and intervention for their redressal. While addressing the open court, DG NAB Lahore, Ghulam Safdar Shah reaffirmed the Bureau's unwavering commitment to safeguarding public interest and upholding the principles of transparency, accountability, and justice. He stated that NAB Lahore has executed its first major arrest under the Anti-Money Laundering Act (AMLA), marking a pivotal milestone in the Bureau's pursuit against financial misappropriation. He further disclosed that, in response to a multitude of complaints received from the general public, a direct inquiry has been formally authorised in the Future Vision Scam. However, in order to prevent further financial exploitation, categorical instructions have been issued that individuals operating fraudulent Ponzi schemes be immediately placed on the Exit Control List (ECL). The DG underlined that all operations are being undertaken in strict compliance with the directives of the Honourable Chairman NAB, whose guidance remains instrumental in driving the institution's citizen-centric agenda. NAB's resolve remains firm to bring all culpable elements to justice and to ensure that the aggrieved parties are duly compensated, he added. He further remarked that, unlike prior practices, the current model of Khuli Katcheri encourages direct interface between victims and housing society administrations, thereby facilitating pragmatic and result-oriented dispute resolution. Weekly monitoring of progress on individual cases is being conducted under his supervision is meant to maintain fair momentum and institutional vigilance. Owing to the relentless efforts and dedicated interventions of NAB Lahore, billions of rupees have been recovered, benefitting thousands of citizens who had fallen prey to fraudulent schemes. The victims present on the occasion expressed profound appreciation for the dynamic leadership and proactive measures taken by DG NAB Lahore, and acknowledged that the regular convening of open courts, is a reflection of Chairman NAB's unwavering commitment to public facilitation and institutional transparency. Copyright Business Recorder, 2025

Mega corruption scandal: NAB Lahore recovers Rs2bn
Mega corruption scandal: NAB Lahore recovers Rs2bn

Business Recorder

time30-06-2025

  • Business
  • Business Recorder

Mega corruption scandal: NAB Lahore recovers Rs2bn

LAHORE: Under the supervision of Director General (DG) NAB Lahore, Ghulam Safdar Shah, the NAB Lahore investigation team has successfully concluded a major recovery of Rs 2 billion in ongoing probe pertaining to a mega corruption scandal involving officers and officials of the Public Health Engineering Department (PHED), Sheikhupura. The DG NAB Lahore formally handed over first installment of the recovered amount to Additional Secretary Finance, Punjab Khalid Mehmood in NAB office, Lahore. According to the details, NAB Lahore launched Inquiry proceedings in September 2024 pertaining to the issuance of bogus cheques worth Rs 5 billion (approx.) by the Officers and staff of the Public Health Engineering and District Accounts Office, Sheikhupura. During the inquiry proceedings, some of the accused persons confessed to their crimes and filed Plea Bargain (PB) requests of Rs2 billion, which were duly approved by the Accountability Court, Lahore. Following court approval, the Bureau succeeded to ensure recovery within a remarkably short period and the initial tranche of the recovered amount has been submitted into the national treasury. On the occasion, DG NAB Lahore commended the exceptional performance of the investigation team, noting that the recovery of looted public funds in such a short time reflects team's commitment and competence. He further stated that investigations are actively underway against other accused persons involved in alleged embezzlement of public funds. Highlighting Chairman NAB's vision, DG Ghulam Safdar Shah emphasized that providing immediate relief to common citizens is NAB's top priority, however, all possible measures are being taken towards this end. He added that in order to recover and distribute the looted amounts to the rightful victims, the process of auctioning-off seized properties of the accused persons has been initiated. In this regard, a public auction of valuable confiscated properties was held at Deputy Commissioner Office, Lahore. However, the auction of seized assets will continue as per given schedule in other districts, as well. Copyright Business Recorder, 2025

Streamlining housing societies' affairs
Streamlining housing societies' affairs

Business Recorder

time16-06-2025

  • Business
  • Business Recorder

Streamlining housing societies' affairs

EDITORIAL: Illegal housing schemes have become a persistent scam due to lax regulatory oversight. They typically are developed by politically influential individuals or those facilitated by corrupt officials in the government departments concerned. People invest their life savings in properties that are either not registered or exist only on paper. This has gone on for far too long with the relevant authorities turning a blind eye to the activity. Aspiring homeowners jointly have lost billions of rupees to fraudulent developers purchasing plots in some of the better known housing societies only to find them declared illegal. Just last March, Director General of NAB Lahore distributed cheques worth Rs 1.16 billion among 11,000 victims of one such society. The proliferation of illegal housing schemes is a matter of serious concern requiring urgent action. At a recent briefing Punjab Chief Minister Maryam Nawaz was informed that the total number of housing societies in Punjab stood at 7,905, covering an area of about 2 million kanal — mostly comprising encroachments on the greenbelts surrounding cities at the expense of environment. Out of these only 2,687 are approved and almost double that number, i.e., 5,118, are illegal or under process across Punjab. In the provincial capital, the Lahore Development Authority (LDA) is responsible for as many as 707 schemes, 427 of them have been given the green light while 206 fall in the illegal category — probably due to pending litigation — while 74 others are in the approval process. But private housing societies remain a problem. In many cases, their proprietors continue to build without necessary approval by greasing the palms of officials or using political connections. The result is mushroom growth of private housing schemes, especially on the fringes of the city, contributing to an unplanned urban sprawl. At the briefing session the CM said the housing schemes that have been built should be regularised as soon as possible so that people could get a relief. She also mentioned setting up of a 'housing society management system' to regularise the sector's affairs. The key, however, is not only a new management mechanism but also ensuring that developers comply with relevant rules and regulations, and the buyers are well informed. An important step in that direction is the CM's decision to introduce transparency through digitalisation of the housing schemes. If and when the plan is implemented, housing societies' approval, management, and transfer will be put online. And as announced, NOC fee will also be paid online after uploading the required documents. This should help control illegalities and also defrauding of unsuspecting buyers of non-existent plots in non-existent housing societies. Copyright Business Recorder, 2025

DG NAB Lahore listens to public complaints
DG NAB Lahore listens to public complaints

Business Recorder

time02-06-2025

  • Business
  • Business Recorder

DG NAB Lahore listens to public complaints

LAHORE: The Director General (DG) NAB Lahore, Muhammad Ahtram Dar, convened a monthly open hearing session in NAB Lahore which was participated by hundreds of victims affected by Ponzi (investment) schemes and illegal housing societies. The forum witnessed aggrieved complainants of Future Vision scam, Al-Rehman Garden Phase-4, Omega Housing Society, New Lahore City, Khayaban-e-Amin Housing Society, Formanities Housing Society, Elite Town Housing Society, and Grand Avenue Housing Society. DG NAB Lahore attentively listened to all public grievances and issued prompt directives for their resolution. Responding to the complainants of Future Vision scandal, DG NAB ordered an immediate direct inquiry and instructed the initiation of proceedings to place the prime accused on Exit Control List (ECL) along with publication of advertisements in national dailies. Regarding the complaints against Al-Rehman Garden (Phase-4) management, the DG NAB allotted one month deadline to investigation team for bringing conclusion of the case and to submit a comprehensive report. Copyright Business Recorder, 2025

Housing scam victims: NAB Lahore disburses Rs1.34bn
Housing scam victims: NAB Lahore disburses Rs1.34bn

Business Recorder

time15-05-2025

  • Business
  • Business Recorder

Housing scam victims: NAB Lahore disburses Rs1.34bn

LAHORE: National Accountability Bureau (NAB) Lahore, in a significant development, has successfully recovered Rs1.34 billion in Formanities Housing Society scandal and promptly initiated commencement of the same among 1,446 victims of the said scam. Marking this milestone, Director General (DG) NAB Lahore, Muhammad Ahtram Dar told that, keeping in view the special directives of the Chairman NAB to ensure completion of cheque distribution before Eid-ul-Adha, the Lahore Bureau has been decided to remain operational over the weekends (Saturday and Sunday) to continue delivering services to the victims. The initiative is designed to maximize relief delivery within the shortest possible time. DG NAB also announced the withdrawal of the requirement to bring stamp papers for cheque collection, a move aimed at facilitating the process for the victims. He further emphasised that providing rapid and prioritised relief to the general public remains a core directive of the Chairman NAB. He also noted that NAB Lahore has previously succeeded in disbursing compensation to thousands of victims within a remarkably short period. Reaffirming the Bureau's commitment, he further stated that redressing the grievances of housing sector victims, remains their foremost priority. However, DG NAB Lahore also instructed all victims of the Formanities Housing Scam to ensure for bringing their original documentation for receiving cheques to facilitate a smooth and efficient process. Copyright Business Recorder, 2025

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