NAB Goes After Multiple Housing Schemes and Investment Scams

The National Accountability Bureau (NAB) Lahore has launched action against multiple housing societies and investment scams after receiving a wave of complaints from defrauded citizens.

The crackdown was announced during NAB Lahore’s monthly open hearing held at its Thokar Niaz Baig office. The session, led by NAB Lahore Director General Muhammad Ahtram Dar, was attended by hundreds of victims, many of whom claimed to have lost life savings to fraudulent schemes.

The complaints focused on a number of controversial developments, including Future Vision scam, Al-Rehman Garden Phase-4, Omega Housing Society, New Lahore City, Khayaban-e-Amin, Formanites, Elite Town, and Grand Avenue housing societies.

In response to allegations surrounding the Future Vision scam, the DG ordered a direct inquiry and directed that the prime suspect be placed on the Exit Control List (ECL). He also called for publishing advertisements in national newspapers to locate other victims and the involved parties.

For Al-Rehman Garden Phase-4, the investigation team was given a one-month deadline to complete the probe and submit a report. In the case of Omega Housing Society, the DG ordered immediate resolution of the victims’ complaints and requested a detailed follow-up report.

Addressing victims of the Formanites Housing Society, the DG shared that the bureau had facilitated recoveries amounting to over 47 percent of the original investments for more than 2,200 victims. He also assured that newly submitted claims would be processed once judicial approval is obtained.

Regarding the Elite Town Housing Society, it was revealed that the primary suspect had already been arrested and the case was under trial. The DG stated that efforts were underway to recover funds through a settlement arrangement.

In a positive development for those affected by Khayaban-e-Amin Housing Society, the DG stated that all recorded financial losses had been reimbursed. Further steps are being taken to address pending claims linked to the developers, M/s Sahir Associates.