NAB distributes Rs 169.69m among victims of Double Shah scam

Pakistan Today

Lahore: Lahore National Accountability Bureau (NAB) director general (DG) Shahzad Saleem distributed Rs169.68 million (m) among 1474 affectees of the ‘Double Shah’ scam.
According to the details, the recovered amount was distributed during a ceremony held at NAB Complex in Thokar Niaz Beg. It was third phase of the distribution of recovered money among affectees of the Double Shah scam. It is worth mentioning that NAB has distributed over Rs 1 billion (bn) among 6490 affectees of the scam so far.
Speaking on the occasion, NAB DG Shahzad Saleem said that Double Shah was notoriously known for looting money from general public with the promise of multiplying their principal amount. “Our general public is fooled by such fraudulent people and then they regret investing in such schemes,” said Saleem.
Talking about the frauds in the housing sector, he said that 70 percent housing societies were found to be illegal and a list had already been sent to the Supreme Court of Pakistan. He claimed that NAB reached a record plea-bargaining (PB) of Rs 2 bn in Ferozpur City scam. He further added that NAB had confiscated property of over 2-3 billion rupees from suspect Farhan Cheema related to Model Housing Enclave scam.
Talking about Pak-Arab Housing Society scam he said that the administration had to return plots worth Rs 18 bn to the affectees within six months. He further said that on the loss of Rs100 m in Elite Town scam, the affectees were given Rs 360 m by Lahore NAB.
Sharing details of the Double Shah scam, he said that NAB had started investigating the case in 2007 and approximately 6490 aggrieved persons registered their complains to NAB. He said that NAB had returned 100 percent of the amount to 3249 victims, so far. He further said that NAB had returned 80 pc of total amount. He further stated that only Lahore NAB chapter had recovered more than 4 bn rupees in the ongoing year.

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