NAB returns Rs43 million to Shaheen Foundation

Bureau’s chief hands over cheque to official of the foundation

ISLAMABAD: The National Accountability(NAB) on Monday returned a further Rs43 million in looted money to the Shaheen Foundation.

The management of the Al-Hamra (Pvt) Ltd and management of Eden Builders PVT Ltd had deceived Shaheen Foundation and its 700 members to swindle them out of around Rs1.258 billion on the pretext of booking plots in their project. Instead of handing over plots to Shaheen Foundation, the companies sold the land to other parties and deprived the members of the foundation of their hard earned money.

On Monday, the foundation’s MD Air Marshal (retired) Jamshaid Khan called on the NAB chief in Islamabad.

NAB Chairman Qamar Zaman Chaudhry handed Air Marshal Khan a cheque worth Rs43 million to return the money to the affected people. So far, the bureau has returned Rs630 million to the Shaheen Foundation.

NAB Rawalpindi had successfully pursued Al-Hamra (Pvt) Ltd and Eden Builders to recover Rs1.832 billion along with a profit of Rs573.412 million from them. During the anti-corruption watchdog’s inquiry proceedings, the incumbent management of Al-Hamra (Pvt) Ltd, Al-Hamra Avenue Pvt Ltd had shown their willingness to return Rs573 million as a profit in addition to the principal amount of Rs1.258 billion.

The foundation’s MD appreciated NAB’s efforts and especially thanked Chaudhry in recovering the looted money.

Published in The Express Tribune, May 30^th, 2017.