MULTAN: The National Accountability Bureau Multan region has arrested real estate tycoon and Ali Associates Managing Director Sheikh Shahid Jamal in connection with an investigation into real estate fraud, NAB officials said.
The NAB has arrested the accused on a complaint against the owners of the Green Fort Housing Scheme in Moza Durana Langana in Multan.
The NAB has found the accused involved in cheating people by launching many illegal housing projects under the banner of Ali Associates.
The aggregate liability of the accused in five illegal housing projects under investigation by the NAB Multan is approximately Rs 7.71 billion.
The accused launched and advertised housing schemes without approval of the regulatory authority concerned. He in connivance with other co-accused evaded government fee and dues.
The accused did not complete development works at the sites despite lapse of decades.
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 Shujabad Road, Multan, Millennium City Phase-I, Dunyapur Road, Multan and Green Fort, Northern Bypass Road, Multan. The accused will be presented before the Accountability Court, Multan, on Tuesday for grant of physical remand.