After nearly 20 years, the National Accountability Bureau has begun returning recovered funds to victims of the Bankers City Housing Scheme scam, recovering a total of Rs. 1.209 billion so far.
Authorities first uncovered the scam in 2006, while a formal probe started in 2007 after a flood of complaints from the public. The housing society, registered with the Securities and Exchange Commission of Pakistan in 2003, had claimed it owned 14,000 kanals of land spread across Islamabad, Rawalpindi, and Haripur.
Following years of investigation and court proceedings, NAB managed to recover Rs. 1.209 billion from the accused. Officials confirmed that recovery operations are still in progress.
In the first phase of repayments, NAB distributed Rs. 341 million among 476 affected investors. The bureau issued payment orders worth Rs. 120 million to 316 claimants, while it transferred Rs. 221 million electronically to 160 others.
According to NAB, the refunded amount equals nearly two and a half times the victims’ original investments. The bureau said it will release the remaining recovered funds to about 2,200 verified victims in subsequent phases.
