43 convicted, billions recovered on references filed by NAB Lahore in last three years

ISLAMABAD, Mar 2 (APP):The National Accountability Bureau (NAB) has refunded Rs13.958 billion to 4,779 affected persons of Fazaia Housing Scheme, Karachi from out of a total 5,410.

Briefing a meeting presided over NAB chairman Justice (Retd) Javed Iqbal, Director General (DG) Karachi Dr Najaf Quli Mirza, said the bureau had refunded the money to most of the affected persons in compliance with the direction of Sindh High Court (HSC), said a press release on Tuesday.

The looted money of the remaining affected persons would be refunded after the sale of 16 acre project land worth Rs1.08 billion. The SHC had given two months’ time to complete the refund process.

The NAB DG Karachi informed the meeting that the Karachi bureau had conducted an investigation against Fazaia Housing Scheme Karachi regarding cheating the public at large on the basis of complaints of the general public.

The investigation had revealed that out of 8,083 housing units, the management of Fazaia Housing Scheme sold out 5,732 housing units to the general public and collected an amount of Rs18.2 billion from affected persons.

ALSO READ  43 convicted, billions recovered on references filed by NAB Lahore in last three years

The project was still incomplete since 2015 except some basic structure work. The management of Fazaia Housing Scheme refunded Rs2.15 billion to the general public and released an amount of Rs2.336 billion to the Maxim Properties.

At that moment, an amount of Rs13.5 billion including bank profits was available in Fazaia Housing Scheme accounts of Habib Bank Limited and Meezan Bank. Two accused persons namely Tanvir Ahmed and Bilal Tanvir, both partners of M/s Maxim Properties and members of Project Management Executive Committee of Fazaia Housing Scheme, were arrested on December 28, 2019 and subsequently, sent on judicial custody by the Accountability Court on March 11, 2020.

Despite the issues and disputes between Directorate of Estate Projects and M/s Maxim Properties, the land on which the project was being built involved a hefty chunk of government land measuring 193-38 acres. In order to reach out to the affected persons of Fazaia Housing Scheme, NAB Karachi published a public notice in leading newspapers.

In response to the notice, a large number of affected persons submitted their claims/applications and they demanded their money back/refund.

ALSO READ  Sindh CM seeks permanent exemption from hearing in fake accounts reference

It was informed that the investigation was completed and sent to NAB headquarters for filing of reference.

Meanwhile, Directorate of Estate Projects/Management of Fazaia Housing Scheme
submitted an application to NAB, along with land documents and estimates of current project assets available at the project, that it could not continue the project namely Fazaia Housing Scheme Karachi and willing to settle general public liabilities.

Furthermore, both Directorate of Estate Project and Maxim Properties filed petitions in the SHC to stop NAB from filing a reference, praying therein to direct NAB to disburse refund amount to the affected persons of Fazaia Housing Scheme.

In connection with Directorate of Estate Project settlement agreement with M/s Maxim Properties regarding refund of amount to allottees of Fazaia Housing Scheme through NAB, SHC passed order dated May19, 2020 in CP No.7,804 of 2019 and connected petitions whereby NAB Karachi was directed to supervise and ensure that all the allotted persons were repaid in full within the shortest period of time.