Hard-earned : NAB returns looted money

Chairman presents cheque to Vice Chief of Air Staff.

ISLAMABAD: Vice Chief of Air Staff Air Marshal Saeed Muhammad Khan, managing director of Shaheen Foundation, called on National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry at the bureau headquarters on Friday.

The chairman presented him a cheque of Rs117.5 million. The amount would be returned to the affected persons of Shaheen Foundation.

In a case of Al-Hamra and management of Eden Builders, NAB Rawalpindi successfully pursued the management to realise the recovery of Rs832.168 million from the present management of Al-Hamra and Al Hamra Avenue through its chief executive and others. In this case previous management of the said companies deceived Shaheen Foundation and its members by inducing them to book plots in their projects and received approximately Rs1258 million. The subject accused failed to hand over the plots rather sold the land to other parties and deprived members of Shaheen Foundation from their hard-earned money.

During the inquiry proceedings, the present sponsors showed willingness in writing to return Rs573 million as a profit in addition to the principal amount. In the first phase, Rs366 million had already been returned to the affected persons of Shaheen Foundation due to NAB efforts. In second phase, Rs50 million were returned.

Vice Chief of Air Staff thanked NAB chairman for recovering looted money of the affected persons of Shaheen Foundation.

Published in The Express Tribune, June 18^th, 2016.