FIA recommends SC sending Top City housing case to NAB

Report says power of attorneys and gift deeds in alleged scam were not executed in normal circumstances

ISLAMABAD: The Federal Investigation Agency (FIA) in its inquiry report regarding the Top City housing project scam involving land worth billions of rupees has recommended the Supreme Court to refer the matter to National Accountability Bureau (NAB) for criminal proceedings.

The report stated that the power of attorneys and gift deeds in the alleged scam were neither executed in normal circumstances nor the transfer of ownership on the basis of photocopies was carried out by the registrar of firms in a transparent manner.

"Hence, appropriate directions may please be issued regarding the restoration of the interest of the complainant in M/s Dynast Associates, keeping in view the litigations pending between both the parties," a 49-page inquiry report recommended.

It is further recommended that the matter be referred to NAB for criminal inquiry against the officials of the Registrar of Firm Office, and his other accomplices.

Last year, former chief justice Mian Saqib Nisar, through Human Rights Cell of Supreme Court had directed the FIA to constitute a committee and inquire into complaint of a lady named Zahida Javed Aslam.

In compliance with the directions, a three-member inquiry committee comprising assistant director Ijaz Sheikh, inspector Azmat Khan and inspector Muhammad Nadeem was constituted.

The complainant with her family is settled in the United Kingdom since 1989 and her brother Iftikhar Ali Waqar (late) used to manage the real estate business for her in Pakistan.

In September 2003, Waqar and one Abdullah Butt started purchasing land in Rawalpindi near toll plaza for launching of a housing scheme by the name of Sun City which was later divided into two projects namely Top City I and Top Mumtaz City.

In 2003, both got a partnership firm registered with the Registrar of Firms ICT under the name of M/s Dynast Associates with 50 percent sharing of each.

The layout plan of Top City project was first approved over an area of 2146.57 kanals which was later on extended to 5,906 kanals. In October 2004, the management started selling residential plots of Top City on installments to the general public.

The complainant sent power of attorney from UK in favour of her brother Waqar on the basis of which he kept managing the affairs of the company including selling of plots.

"At that time, only partial installments under the account of cost of land including down payments had been collected from the allottees of the residential plots by M/s Dynast Associates. The remaining installments and allied expenses were still to be charged," the inquiry committee stated in its findings.

By the end of 2006, the company had purchased land measuring 3,147 kanals and 5 marlas in Ratwal, Bango, Kasana and land measuring 6,336 kanals and 3 marlas at Pindigheb Attock. Moreover, land in zone IV, district Islamabad and Ghurbal village was also purchased.

In April 2008, Muhammad Masood, Rana Iftikhar, Munir Warraich and Abdullah Butt in connivance with Waqar (late) attempted to become partner of the company with 50 percent shareholding by fraudulently preparing partnership deed without knowledge of the complainant. However, this attempt could not succeed due to timely intervention of the complainant.

Immediately after, Waqar committed suicide, the report stated. The report further stated that after the death of Waqar, the complainant tried to take over the management of affairs of his business but she was not allowed to do so as the offices of the company and record of the project was withheld by Abdullah Butt, Munir Warraich, Rana Iftikhar and Muhammad Masood illegally.

The report further stated that the complainant hired a person namely Moeez Ahmad Khan on salary basis to manage her real estate business. However, Moeez Ahmad Khan later conspired against her to get the shares.  The report stated that the complainant only sent the copies of documents to Moeez Ahmad Khan and retained the original documents.

It further added that complainant never appeared before the Registrar of Firms to testify the documents executed in favour of her employee Moeez Ahmad Khan.

"Although, the Top City Project was facing financial problems and complainant was also having hard time but the situation was not that dismal that complainant despite owning assets worth billions of rupees gifted her share without any consideration."

The report further stated that the manner in which shares got transferred without appearance of complainant before Registrar of Firm Office raises suspicion adding that the Registrar of Firm Office also did not even once contacted the complainant to check the veracity of documents.