MULTAN: The National Accountability Bureau, Multan, on Monday arrested a real estate tycoon in connection with Rs7.71bn scam.
According to an official handout, Sheikh Shahid Jamal has been arrested in connection with an ongoing investigation against owners of Green Fort (Plus), mauza Durana Langana, Mattital Road, Multan and others.
The accused is allegedly involved in cheating the public at large by launching many illegal housing projects under the banner of the Ali Associates. The aggregate liability of the accused in five illegal housing projects under investigation in the NAB Multan was approximately Rs.7.71bn. Sheikh Shahid Jamal was arrested on the charges of defrauding thousands of people by selling plots in illegal/unapproved housing schemes.
“The managing director of Ali Associates launched and advertised housing schemes without approval of regulatory authority concerned. He, in connivance with other co-accused, evaded government fee/dues and transfer of land of roads and amenity plots to regulatory authority. No development work has been completed at sites despite lapse of decades,” the handout said.
Five housing projects under investigation in NAB Multan are Green Fort (Plus), Mattital Road, Multan, Falcon City, Phase II, Southern Bypass, Multan, Babar Town, Old Shujaabad Road, Multan, Millennium City, Phase-I, Dunyapur Road, Multan, and Green Fort, Northern Bypass Road, Multan.
Mr Jamal will be presented before the Accountability Court Multan on Tuesday (today) for grant of physical remand.