NAB disburses Rs341m to Bankers City scam victims, total recovery tops Rs1.2bn

The National Accountability Bureau on Tuesday distributed Rs341 million among victims of the Bankers City Housing Scheme fraud, as total recoveries in the two-decade-old case crossed Rs1.2 billion.

The disbursement took place at a ceremony held at NAB Headquarters in Islamabad and Rawalpindi, where recovered funds were handed over to affectees of the housing scheme, according to NAB officials.

The event was presided over by Chairman NAB Lt Gen (retd) Nazir Ahmed and attended by Deputy Chairman Sohail Nasir, Prosecutor General Accountability Syed Ehtesham Qadir Shah, senior officials and a large number of victims.

NAB said a total of Rs341 million was distributed to 476 affectees during the ceremony. This included Rs120 million issued to 316 applicants through payment orders, while Rs221 million was transferred online to 160 applicants. The remaining recovered funds will be distributed to the rest of the nearly 2,200 victims in subsequent phases after verification.

According to the bureau, cumulative recoveries in the case have reached Rs1,209 million, an amount described as two and a half times higher than the original investments made by the victims. NAB said further recoveries were still being pursued.

The Bankers City Housing Scheme scam surfaced in 2006 and entered formal investigation in 2007 following numerous complaints. The society, registered with the Securities and Exchange Commission of Pakistan in 2003, claimed ownership of 14,000 kanals of land in Islamabad, Rawalpindi and Haripur.

Investigations later revealed that the land was neither approved by the relevant authorities nor consolidated, and that the management used misleading advertisements and unverified documentation to collect funds from hundreds of citizens, while promised plots were never delivered.

Addressing the ceremony, the NAB chairman said the case was long considered beyond recovery but was pursued through sustained investigation and litigation. He credited the success to coordinated efforts by the NAB Rawalpindi investigation team and the prosecution wing, and acknowledged the Lahore High Court Rawalpindi Bench for dismissing the accused’s appeal and remanding the matter to the trial court in the public interest.

Chairman NAB reiterated that the bureau remained committed to safeguarding the public’s life savings and warned that those involved in defrauding citizens would continue to be held accountable. He also advised investors to verify the legal status of housing schemes before making investments.

Director General NAB Islamabad and Rawalpindi Waqar Ahmed Chohan highlighted the challenges involved in tracing concealed assets and frozen accounts, while NAB said claims from additional legitimate victims were still being accepted subject to verification.

The ceremony concluded with the chairman awarding appreciation shields and an Umrah package to members of the investigation team in recognition of their efforts.