NAB arrests man in Rs643m housing scam
The National Accountability Bureau (NAB), on Tuesday arrested a man, Muhammad Kashif Khan, for allegedly taking more than Rs643 million from hundreds of people under the garb of providing plots in a housing scheme.
The anti-graft watchdog said it took cognisance against accused Kashif Khan who had launched illegal housing schemes titled Elite Town Housing, Elite Town Phase-II and Elite Town Extension under the cover of Services Master Pvt Limited and Al-Raheem Group located at Ferozpur Road, Lahore.
The accused managed to collect Rs643 million from people.
The ongoing investigations revealed that the accused sold fake and non-existent plots to the people. Moreover, the accused also promised the investors that after payments the society would provide them proper allotments of their booked plots, whereas, despite collecting the maximum development charges, the accused failed to give possession of the plots after a lapse of considerable time.
The accused didn’t give possession of plots to the buyers and didn’t even develop the housing scheme as per requirement, ultimately misappropriating the deposited amounts of victims.
The 697 applicants who had lost their hard-earned money approached NAB for recovery of their losses. The anti-graft officials would produce the accused before the accountability court on Wednesday for his physical remand.
Published in The Express Tribune, July 22nd, 2020.