ISLAMABAD: The National Accountability Bureau on Tuesday distributed more than Rs341 million among victims of the long running Bankers City Housing Scheme scam, marking a significant step toward restitution and accountability. The distribution ceremony was presided over by NAB Chairman retired Lieutenant General Nazir Ahmed and attended by affected investors and senior officials.
According to NAB, a total of 476 victims received compensation during the latest disbursement. Of this amount, Rs120 million was handed over to 316 applicants through payment orders, while Rs221 million was transferred online to 160 verified claimants. The bureau said the remaining recovered funds would be distributed to other victims after completion of verification procedures.
The Bankers City Housing Scheme scam surfaced in 2006 and a formal investigation was launched in 2007 following numerous public complaints. The housing society, registered with the Securities and Exchange Commission of Pakistan in 2003, had claimed ownership of 14000 kanals of land in Islamabad, Rawalpindi and Haripur. Investigations later revealed that the land was neither approved nor consolidated and promised plots were never allotted.
Through prolonged investigation and litigation, NAB has so far recovered Rs1.209 billion from the accused. An official statement said the amount returned to victims is more than two and a half times their original investments, calling it an exceptional achievement in financial accountability cases.
Chairman NAB praised the investigation team led by Director General NAB Islamabad Rawalpindi Waqar Ahmed Chohan and acknowledged the role of the prosecution department and the Lahore High Court Rawalpindi Bench in ensuring the case moved forward in the public interest. He said the outcome restored confidence in accountability institutions.
Addressing the gathering, the chairman reaffirmed NAB commitment to protecting public savings and warned that those involved in fraudulent housing schemes would continue to face strict action. He advised citizens to verify the legal status of housing projects before investing, while NAB confirmed that new claims from genuine victims were still being accepted for verification.
