The National Accountability Bureau (NAB) on Tuesday returned Rs1.2 billion to victims of the Bankers City Housing Scheme fraud, marking a major milestone in its two-decade-long pursuit of justice.
At a ceremony held at NAB Headquarters, Islamabad/Rawalpindi, the Bureau handed over recovered funds to the affectees of the housing scheme. The event underscored NAB’s mission to provide justice to citizens defrauded by long-standing financial scams.
This event marks a major milestone in NAB’s mission to provide justice to those affected by long-standing financial scams.
The ceremony was presided over by the Chairman NAB, Lt. Gen. (Retd) Nazir Ahmed, and attended by senior officials including Deputy Chairman Sohail Nasir, Prosecutor General Accountability Syed Ehtesham Qadir Shahvarious Directors General and a large number of affectees.
The Bankers City scandal first emerged in 2006, leading to a formal investigation in 2007 following numerous public complaints. The housing society had been registered with the SECP in 2003 and claimed to possess 14,000 kanals of land across Islamabad, Rawalpindi, and Haripur. However, investigations revealed that the management used misleading advertisements and unverified documentation to collect money from hundreds of citizens, despite the fact that the land was neither approved by the relevant regulatory authority nor consolidated, and the promised plots were never delivered. Through a rigorous and persistent investigation and chronic litigation NAB successfully recovered a total of Rs 1,209 million from the accused. Efforts are underway to affect more recovery.
In an exceptional achievement, NAB has returned an amount to the victims that is two and a half times greater than their original investment. While appreciation the efforts of NAB’s Investigation Team led by DG, NAB Islamabad/Rawalpindi also admired the contributions of Prosecutor General Accountability for keeping the case alive he also thanked Lahore high court, Rawalpindi bench for dismissing the appeal of accused and reminding the case back to trial court in the interest of public at large.
During today’s ceremony, a total of Rs 341 million was distributed to 476 victims. This included Rs 120 million handed over to 316 applicants via Payment Orders and Rs 221 million transferred to 160 applicants through online transactions. The remaining recovered funds will continue to be distributed to the rest of the 2,200 victims in subsequent phases after due verification.
Addressing the participants, Chairman NAB expressed his personal satisfaction in seeing justice served in a case that many believed had no hope of resolution. He credited the success to the coordinated efforts of the NAB Rawalpindi team and the legal prosecution department.
He reaffirmed that NAB is a people-friendly institution committed to protecting the life savings of the public and warned that the bureau will continue to pursue those who deceive innocent citizens. He also urged the public to verify the legal status of housing schemes before making any investments.
The Director General of NAB (Islamabad/Rawalpindi) Waqar Ahmed Chohan highlighted the complexities faced by the investigation team in tracking down hidden assets and frozen accounts.
To ensure total transparency and inclusivity, the bureau announced that new claims from legitimate victims are still being accepted subject to a verification process it was reiterated that NAB will no stone under turned till the time even the last victims of the scams is refunded his hard earned money.
A widower, who received compensation during the cheque distribution ceremony, shared that his late wife had purchased the Bankers City file. Upon receiving the call, he visited her grave. ‘This gesture has restored my trust in institutions,’ he said.
A Chinese national, an affected investor, commended NAB for its fair treatment and praised the investigation team’s professionalism in handling affected individuals.
The ceremony concluded with the Chairman awarding appreciation shields and an Umrah package to the investigation team members for their extraordinary dedication to this case.