LAHORE– The National Accountability Bureau (NAB) Lahore has arrested six property dealers for being involved in practices of cheating public at large and criminal breach of trust and causing financial loss to the tune of Rs 150 million (approx) to innocent people in the wake of investment in fake housing project.
The suspects have been named as Sultan Mehmood, accused Nadeem Khan, accused Chaudhry Waseem, accused Mian Faisal, accused Musawir Hussain and accused Momin Azhar who have been found involved.
As per the case details, NAB Lahore officials initiated proceedings after receiving Complaints of cheating and defrauding public by owners of Bin Alam Developers named as accused Kazim Alam, Nazim Alam, Muhammad Asif Alam and others who were arrested in March this and lies in physical custody with NAB Lahore at the time.
It is pertinent to mention here that the Inquiry proceedings further revealed that the arrested accused ones lured public in the garb of investment in their different fake Housing development projects which actually don’t exist on ground as declared by them.
The said Company against these fake projects of Bin Alam City at Lahore was collecting huge funds in the name of above shared projects even without acquiring formal approval from Lahore Development Authority (LDA). In this regard, more than 890 affectees with claims of Rs930 million approx have, so far, been approached NAB Lahore for reprisal of their financial loss caused by owners and dealers of Bin Alam Projects.
Moreover, it was transpired during Inquiry proceedings that the owners had authorized twelve Dealers, in total, for booking of Plots and sale of Registration forms of said fake Societies/projects. After collecting evidences, NAB Lahore arrested 6 x property dealers of Bahria Town named SSM Estate, SAM Marketing, PZ Estate, OLK Marketing, AP Estate and BA Estate who have been found playing actively in alleged connivance with the owners of Bin Alam Developers.
The said dealers allegedly got illegal benefit through selling of Registration Forms/Membership Forms and Plot files of these bogus projects of M/s Bin Alam Developers whereby gained illegal pecuniary benefits from the same.
Investigations from arrested accused owners lead to the arrest of following six Dealers in the wake of cheating, embezzlement and liability of Rs 150 Mn. NAB officials have taken remand of said six accused persons by producing them before Accountability Court Lahore till June 2019 to keep the investigations continue.— PRESS RELEASE