Rs. 23 Crore Cheque for National Police Foundation Plot Rejected

A Rs. 230 million cheque from a private company, deposited as the second installment for a 5,000-square-yard plot auctioned for Rs. 1.08 billion in the name of the National Police Foundation (NPF), has bounced.

Last year, the NPF allocated the plot in Islamabad’s upscale E-11 sector to M/S SMB, transferring possession after receiving the first installment of Rs. 170 million. However, documents reveal that the company’s cheque was dishonored due to insufficient funds.

According to NPF allotment rules, full payment is required before possession, yet the firm received the plot at a significantly lower price. Comparatively, the Capital Development Authority (CDA) auctioned four smaller plots in the same year, generating Rs. 7.7 billion.

Two plots in I-8 Markaz were sold for Rs. 1.14 billion and Rs. 1.46 billion, while a 533.33-square-yard plot in I-14 Markaz fetched Rs. 653 million. A Blue Area plot in G-8 measuring 2,666.66 square yards was auctioned for Rs. 4.53 billion.

Sources claim the NPF’s plot originally measured 14 kanals but was sold for only Rs. 1.08 billion. The NPF board approved selling 5,000 square yards through a sealed bid rather than an open auction, which was opposed by officials who argued it violated regulations and reduced competition.