Misappropriation of billions: NAB to open inquiries into financial fraud

Senior officials of the FBR will be questioned over fake sales tax refunds.

ISLAMABAD: The National Accountability Bureau (NAB) has decided to initiate inquiries against key officials involved in misappropriation costing the national exchequer several billions of rupees.

The decision was taken by Chairman NAB, Justice retired Syed Deedar Hussain during a bureau meeting, according to the NAB spokesperson.

References will be filed against Noor Jamal of Public Works Department for his alleged involvement in the misuse of departmental assets. Senior officials of the Federal Board of Revenue including Gulraiz Ahmed Raza will be questioned by NAB officials for fake sales tax refunds amounting to Rs30 million.

The former tapedar of Malir, Karachi, Munshi Sheruddin Lashari misappropriated 35 acres of land from Pak Ideal Housing Society by forging entries in revenue records. Muhammad Nadeem Khan is to be investigated for his alleged involvement in the misappropriation of Rs26 million from Allied Bank, Quetta.

Inquiries are to be initiated against Mian Arshad for money laundering, and Riaz Zaheer Ali of Burewala for forcibly taking away their stocks pledged to Bank Al-Habib from warehouses and Naeem Farooqi, former registrar of Balochistan University for misuse of funds. Mubeen Gul Khan, president of CBR Employees’ Cooperative Housing Society, Islamabad will also face an inquiry.

The meeting also formally approved the proposal that NAB directors will prepare presentations for the cases under their supervision to determine the future course of action in the forthcoming board meeting.

In an earlier meeting NAB had decided to include the names of former housing minister Rehmatullah Kakar, former secretary housing GM Sikandar, former additional interior secretary Zaffar Abbasi and director general Federal Government Employees’ Housing Foundation (FGEHF) Sher Afzal Khan in an investigation to unearth the multi-billion rupee land scam.

Kakar allegedly made a deal with “Green Tree Private Ltd” a private firm to purchase land at double the market price of Rs400,000 to Rs500,000 per kanal in Zone IV, Islamabad. Over 3000 kanals were acquired at the rate of Rs1 million per kanal.

Published in The Express Tribune, January 6^th, 2011.