NAB hands over ₨6 billion in recovered assets to KP govt in Kohistan fraud case

PESHAWAR: The National Accountability Bureau (NAB) has transferred assets worth more than ₨6 billion to the Khyber Pakhtunkhwa government in the first phase of recoveries linked to the Upper Kohistan financial fraud case, one of the largest public funds embezzlement investigations in the country.

At a ceremony held in Peshawar, Chairman NAB Lt Gen (R) Nazir Ahmed formally handed over the recovered assets to the Chief Secretary of Khyber Pakhtunkhwa. The transfer marks the first stage of a broader asset recovery process initiated by NAB Khyber Pakhtunkhwa.

The investigation was launched in April 2025 and uncovered large-scale financial irregularities involving the alleged fraudulent withdrawal of public funds from Head of Account G-10113 in District Upper Kohistan. NAB investigators determined that more than ₨37 billion had been unlawfully withdrawn through the manipulation of treasury instruments and misuse of official financial procedures over nearly a decade.

According to NAB, investigators used financial tracing, forensic analysis and scrutiny of more than 1,500 bank accounts to track assets allegedly acquired through proceeds of crime.

A significant development in the case came when investigators identified an account belonging to Mumtaz Khan that was allegedly used to channel illicit funds. NAB said financial records showed transactions worth approximately ₨17 billion passing through the account within a relatively short period. The bureau said timely intervention enabled it to freeze substantial funds and prevent further dissipation of public assets.

According to NAB officials, the investigation has resulted in recoveries through plea bargain arrangements as well as the freezing of assets linked to the alleged fraud. Of the more than ₨37 billion traced during the investigation, assets exceeding ₨27 billion have been frozen under NAB authority, while recoveries through plea bargains have surpassed ₨10 billion.

The assets transferred to the provincial government in the first phase include cash holdings, gold, luxury vehicles, and commercial and residential properties identified during the course of the investigation.

Addressing the ceremony, the NAB chairman said the case demonstrated that complex financial crimes could be detected, investigated and prosecuted through professional and evidence-based accountability mechanisms. He added that the recovery reflected NAB's commitment to protecting public resources and restoring them for public benefit.

The chairman also acknowledged the role of DG NAB KP Farmanullah and the Combined Investigation Team in conducting the financial investigation and identifying assets linked to the alleged fraud.

NAB said the recovery process remains ongoing, with assets worth more than ₨27 billion still under freezing orders and additional legal proceedings underway. The bureau stated that preparations have already begun for the next phase of asset recovery and transfer, under which further recovered assets will be returned to the Government of Khyber Pakhtunkhwa after completion of legal formalities.

The bureau reiterated its commitment to pursuing corruption cases through lawful and transparent processes and said it would continue efforts to trace, recover and repatriate misappropriated public assets while holding those responsible accountable under the law.

At the conclusion of the ceremony, certificates of appreciation were awarded to members of the NAB Khyber Pakhtunkhwa investigation team. A commemorative shield was also presented to investigative journalist Arshad Aziz Malik in recognition of his reporting on the case.