ISLAMABAD: The National Accountability Bureau has formally approved an inquiry into alleged fraud and financial irregularities in the CBR Employees Housing Society, popularly known as CBR Residentia, raising hopes for the recovery of millions of rupees invested by plot buyers.

According to NAB sources, more than 200 affectees have lodged complaints, accusing the management of collecting hefty development charges without delivering developed plots. The complainants claim that despite paying additional sums several years ago, they have neither received possession nor witnessed meaningful progress at the site.

The housing scheme was launched in 2018 near Thalian Interchange in Rawalpindi by the CBR Employees Housing Society, now linked to the Federal Board of Revenue, in partnership with a private company, Al Fajar International. The private firm was reportedly assigned responsibility for land acquisition and compensation payments to local landowners.

Investors alleged that the project was aggressively marketed through large scale advertisements, claiming approval from the Rawalpindi Development Authority. Buyers say they were promised completion within two years, but six years on, the scheme remains largely undeveloped, with many plots existing only on paper.

Adding to the controversy, sources revealed that portions of the land earmarked for CBR Residentia are currently under the possession of another private housing scheme. This development has intensified concerns about overlapping claims and potential misrepresentation during the sale process.

NAB officials stated that the inquiry will examine all allegations in accordance with the law, identify those responsible, and assess the financial impact on investors. The bureau reaffirmed its commitment to safeguarding public interest and ensuring accountability in the real estate sector, signaling a decisive move against housing scams that have shaken investor confidence in recent years.