LAHORE: Following a surge in fraud complaints, the National Accountability Bureau (NAB) Lahore has initiated a broad campaign against several housing projects and financial scams.
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NAB unveiled the crackdown in their monthly public hearing. During the hearing, NAB Director General Muhammad Ahtram Dar met with the complainants, who have alleged that their life savings have been swindled by these fraudulent investment schemes.
NAB divulged that they are carrying out investigation against eight such housing societies, namely: Future Vision scam, Al-Rehman Garden Phase-4, Omega Housing Society, New Lahore City, Khayaban-e-Amin, Formanites Housing Scheme, Elite Town, and Grand Avenue.
NAB has also issued directives that the key individuals involved in these housing societies be placed on the Exit Control List (ECL). The authority will also publish public notices in national newspapers as a means to protect more people from falling victim to this scam, and also to gain more insight into people involved in perpetrating these frauds.
In case of some housing societies, the investigators have been given one-month deadline to complete their inquiry and submit findings. Comprehensive progress reports have been sought in others, NAB DG told the meeting attendees.
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He also informed that NAB Lahore has already recovered some of the investments, primarily in the case of Formanites Housing Scheme. He said that 47% of lost investments, of over 2,200 claimants have been recovered so far. He also assured the attendees that new claims would also be reviewed once they are cleared by the courts. Moreover, all verified financial losses tied to Khayaban-e-Amin had been reimbursed, Dar said.
