LAHORE, May 23 (APP):In a major development in the multi-billion-rupee Palm Vista Housing scam,the principal accused has been arrested in the United Arab Emirates(UAE) following a coordinated international operation involving Interpol and Pakistani authorities, official sources said on Saturday. Muhammad Qasim Khan,wanted by the National Accountability Bureau (NAB) Lahore in a high-profile public cheating and housing fraud case,was detained in Abu Dhabi after the issuance of a Red Notice by …
Key suspect in Rs1.4bn housing fraud held in Abu Dhabi,extradition process begins
LAHORE, May 23 (APP):In a major development in the multi-billion-rupee Palm Vista Housing scam,the principal accused has been arrested in the United Arab Emirates(UAE) following a coordinated international operation involving Interpol and Pakistani authorities, official sources said on Saturday.
Muhammad Qasim Khan,wanted by the National Accountability Bureau (NAB) Lahore in a high-profile public cheating and housing fraud case,was detained in Abu Dhabi after the issuance of a Red Notice by Interpol, according to officials familiar with the matter.
Sources said that Interpol Abu Dhabi informed Pakistani authorities on May 20 that the suspect had been taken into custody in connection with offences under the National Accountability Ordinance,1999.
The UAE authorities have reportedly sought formally attested extradition documents,translated into English and Arabic for his onward repatriation.
The accused had been absconding abroad while facing allegations of defrauding hundreds of citizens through illegal sale of housing plots and false investment promises.
NAB Lahore had earlier stated that at least 295 affectees were deprived of investments worth over Rs1.4 billion.
Two other directors of the housing scheme, Mahmoud Tariq and Amer Azeem, have already been arrested in Pakistan, while Khan had remained at large until his arrest in the UAE.
A NAB spokesperson said the arrest reflected “enhanced international cooperation” in financial crime investigations and anti-corruption enforcement.
He added that efforts were underway through mutual legal assistance channels to secure the suspect’s extradition.
Officials said assets linked to the accused and other suspects had already been frozen as part of ongoing recovery proceedings.
Investigators were also examining offshore transactions and financial trails connected to the case.
The case forms part of a broader crackdown on fraudulent housing societies and investment schemes in Punjab,where accountability authorities have intensified action against large-scale financial scams.
For victims of the Palm Vista scheme, the arrest marks a significant development in a long-running case that they hope will eventually lead to recovery of their lost investments through legal proceedings in Pakistan.
