Corruption runs rampant in Pakistan, especially in the real estate sector. It has reached the height of disgust as two builders, with help from Pakistan Air Force (PAF) officials, have looted huge sums of money from the public in a housing society for martyrs.
In a shocking scandal, the National Accountability Bureau (NAB) has unearthed irregularities worth billions of rupees in PAF-owned Fazaia Housing Scheme Karachi.
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The fraud deprived the public of Rs 18.2 billion which they had invested in the housing society for martyrs. NAB informed the accountability court that despite the fact that land was allocated for heirs of martyrs, only 30 out of 8,400 planned housing units were allotted to such families.
According to the reports, two builders from Maxim Properties, Tanveer Ahmed and Bilal Tanveer, were arrested by NAB Karachi before presenting them in an accountability court. The two were involved in the scam with the help of PAF officials whose names have not been disclosed.
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The accountability watchdog also said that several overseas Pakistani took an interest in the project because a reliable brand of PAF was involved.
Over Rs 18 billion were collected by the detained builders in the form of different fee including form fees, registration, open certificate, standard and luxury apartments, surcharge, transfer fees, overseas apartments, overseas transfer fee, bungalows, the surcharge, transfer and proceedings fee for the bungalows and direct deposits.
The accountability court has extended the physical remand of suspects by 14 days.
What are your thoughts on the story? Let us know in the comments section.
The Military of pakistan is corrupt to the core. They are only good at taking land for defense purposes and building housing societies and training Good Talibans for us.
Koi hai jo in begheraaton ka aehtasaab karay
Why they are all using Military name :NAB / Approval Deni Wali Authorities tab kaha So Rahi hai Jab MARKETING Howi Inti
Civilians ka naam to bata diya. Why arent they disclosing the names of PAF Officials who were involved in this Corruption? Unke liye koi Qanoon nahi hai? jo chaahe karte phirain?
Law needs to be amended, with out having the capability to deliver no marketing campaigns for real estate projects should be allowed. Its preety simple to make money through this sort of scam.
Buy a small piece of land, get a brand name that people will trust, make fancy adds showing visuals for lush green parks and building complexs, start bookings and selling files to the land for which the developer had no ownership of and use the huge collected amount to buy out of the Justice system by hiring big lawyers and using other ways around the system.
Worst case scenario, the developer gets convicted and is asked to return the money may be after 3 to 4 years. With this amount even placed in a bank can be doubled in 4 years. Its a win win situation for the scamer.
If simply, the law is passed to obligate showing actual on ground footage of the project along with ownership documents in every advertisement the developer makes, this scam can not happen.
Why a file, why not the actual plot with registry to be handed over to buyers?