NAB Distributes Rs341mn to Bankers City Fraud Victims

The National Accountability Bureau (NAB) on Tuesday disbursed Rs341 million in recovered funds to victims of the long-standing Bankers City Housing Scheme fraud, bringing the total recoveries in the two-decade-old case to over Rs1.209 billion.

The distribution ceremony, held simultaneously at NAB Headquarters in Islamabad and Rawalpindi, was presided over by NAB Chairman Lt Gen (retd) Nazir Ahmed Butt and attended by Deputy Chairman Sohail Nasir, Prosecutor General Accountability Syed Ehtesham Qadir Shah, senior NAB officials, and a large number of affected investors.

During the event, Rs341 million was handed over to 476 verified affectees: Rs120 million was issued via payment orders to 316 applicants, while Rs221 million was transferred electronically to the bank accounts of 160 applicants. The remaining recovered funds will be distributed in subsequent phases to the balance of approximately 2,200 victims following due verification of their claims.

NAB officials stated that cumulative recoveries now stand at Rs1.209 billion—equivalent to more than two-and-a-half times the aggregate original investments made by the victims—with further recoveries actively being pursued from concealed assets and frozen accounts.

The Bankers City Housing Scheme scam came to light in 2006 and was formally taken up for investigation in 2007 following widespread complaints. The society, registered with the Securities and Exchange Commission of Pakistan in 2003, had advertised ownership of 14,000 kanals of land across Islamabad, Rawalpindi, and Haripur. Investigations established that the land lacked requisite approvals, consolidation, and legal title, with the management having induced investments through deceptive advertisements and fraudulent documentation while failing to deliver promised plots.

Addressing the ceremony, Chairman NAB described the case as one previously deemed beyond recovery, yet pursued relentlessly through persistent investigation, prosecution, and litigation. He commended the NAB Rawalpindi investigation team and prosecution wing for their sustained efforts, and acknowledged the Lahore High Court Rawalpindi Bench for dismissing the accused’s appeal and remanding the matter to the trial court in the interest of justice.

The Chairman reaffirmed NAB’s unwavering commitment to protecting citizens’ life savings and warned that perpetrators of financial fraud would continue to face accountability. He also advised prospective investors to thoroughly verify the legal status and approvals of housing schemes before committing funds.

Director General NAB Islamabad and Rawalpindi Waqar Ahmed Chohan highlighted the significant investigative challenges in tracing hidden assets and frozen accounts, while NAB confirmed that claims from additional legitimate victims remain open for verification and processing.

The ceremony concluded with the Chairman presenting appreciation shields and an Umrah package to members of the investigation team in recognition of their exemplary service.