NAB Karachi arrests five accused persons wanted in cooperative society fraud

Times International News Service - TNS

KARACHI, July 15 (TNS): NAB has arrested five accused persons who are wanted in an investigation against office holders of Karimabad Ismailia Multipurpose Cooperative Society Karachi.
According to a press release issued by the prime anti-graft watchdog, the accused persons arrested by the NAB are included Nazar Ali, purported Director of society, Shaukat Hussain, purported Chairman / Vice Chairman of society, Zulfiqar Hassan Ali, former purported Secretary of Society, Muhammad Ali, illegal beneficiary of flats and co-conspirator and Sikandar Ali, illegal beneficiary of flat and co-conspirator.
The accused persons in connivance with each other held a sham election of society in violation of society by laws and illegally took over management of society. The Karimabad Ismailia Multipurpose Cooperative Society is located at main Federal B Area Karachi.
It was prima facie established against them that they were involved in various offences like misappropriation of society funds, security deposits and transfer fees etc. They made illegal allotments of flats to their favourites in violation of society by laws and illegally converted amenity area more than 9000 sq ft and sold it, against which the amounts went to their own pockets. The amenity areas were otherwise earmarked for primary school, library, day care center and recreational area.
The accused persons caused loss to society to the tune of Rs 750 million approx.
Arrested accused persons have been remanded by Accountability Court to NAB custody till 26th July 2018.

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