In a significant development aimed at addressing widespread financial fraud, the National Accountability Bureau (NAB) Lahore has distributed Rs 1.86 billion to over 300 victims of Ponzi schemes and fraudulent housing societies. This distribution was part of a monthly Open Court session chaired by NAB Lahore’s Director General, Amjad Majeed Aulakh.
The Open Court, held at the NAB Lahore Bureau, saw the participation of victims from various scams, including the Khyaban-e-Amin Housing Society, Professional Cooperative Housing Society, Bin Alam Housing Society, Gold Homes, Palm Vista Housing, Omega Housing Projects, Imperial Smart City, Al-Haram City, Grand Avenue Housing, UBL Cooperative Housing, and Theme Park View City. Additionally, victims from Ponzi schemes such as the Solar Panel Scam, Prime Zone LPG Scam, ForU Real Traders, and the notorious Double Shah Scam were also present.
Addressing Housing Society Fraud
For the Khyaban-e-Amin Housing Society, DG NAB Lahore reported that NAB’s recent actions have led to adjustments of claims for 394 out of 600 victims. The verification process is ongoing, and NAB is closely monitoring the construction work and resolution of grievances. Victims who have received offers of plots and flats are encouraged to take possession immediately. If any claims remain unsettled, NAB Lahore has instructed its team to ensure the recovery of amounts exceeding the original claims.
In addressing issues with the Professional Cooperative Housing Society, NAB Lahore has successfully recovered 130 kanals of land, which has been handed over to the society’s current management. The DG NAB has mandated the investigation team to keep victims updated on all progress related to the society’s management.
Progress in Other Cases
For the Bin Alam Housing Society, the DG NAB noted that the society’s owners, after spending four years in jail, have been released on bail, though two accused remain absconding. The trial is ongoing in the Accountability Court Lahore.
Victims of Gold Homes reported that millions were collected under false pretenses for the construction of houses. NAB Lahore has urged these victims to submit their claims for further action and investigation.
The situation at Palm Vista Housing is similarly being addressed, with NAB Lahore preparing to file a Reference in the Accountability Court. The process to issue Red warrants for absconding accused is underway, and NAB Lahore has requested permission from NAB Headquarters to challenge the court’s decision to unfreeze the assets of the accused.
In the Al Haram City case, NAB has referred the matter to the Lahore Development Authority (LDA) due to the absence of 100 victims or Rs 500 million in evidence against the society’s administration. NAB’s authority is limited to cases involving significant evidence of corruption.
Action Against Ponzi Schemes
Regarding the ForU Real Traders scam, DG NAB Lahore disclosed that NAB has received 700 claims amounting to Rs 530 million. He emphasized that only registered companies and banks are authorized to collect funds from the public.
Victims of the low-cost solar panel scam, where substantial investments were lost, are advised to file their claims promptly to expedite investigations. Similarly, victims of the Prime Zone LPG scam were informed that two chief accused have recently been arrested, a development welcomed by the victims.
NAB Lahore is also distributing Rs 1.3 billion to Eden affectees as the third installment and Rs 560 million in the Pak-Arab housing scam. The DG NAB warned the public to remain vigilant against Ponzi schemes and illegal housing societies, reaffirming NAB’s commitment to robust action against fraudulent activities.
Under the guidance of NAB Chairman Lt-Gen Nazir Ahmed (retd), NAB Lahore continues its efforts to ensure that victims receive appropriate compensation. The victims have expressed their confidence in the efforts and actions of DG NAB Lahore, Amjad Majeed Aulakh.