NAB distributes Rs70bn in housing scam recoveries

LAHORE: Chairman of the National Accountability Bureau (NAB) Lt-Gen. (R) Nazir Ahmed participated in a special ceremony on Thursday at the Lahore office for distributing allocation letters and cheques to victims of housing society scams.

During the event, allocation letters valued at Rs70 billion and cheques worth Rs970 million were distributed to 8,310 victims from the State Life Cooperative Housing and Formanites Housing Society cases.

Addressing the attendees, the NAB chairman described these recoveries as the largest in NAB Lahore’s history. To further enhance public facilitation, he inaugurated a Business Facilitation Cell at NAB Lahore and announced the establishment of a dedicated Facilitation Cell for Overseas Pakistanis to address property-related grievances efficiently.

The ceremony, presided over by NAB Lahore Director General (DG) Amjad Majeed Aulakh, was attended by prominent figures, including Registrar Cooperative Department Punjab Ashfaq Ahmad Chaudhry, DG LDA Tahir Farooq, Chairman of Lake City Holdings Gohar Ejaz, President of State Life Cooperative Society Col. (R) Mubeen Safdar, NAB officers, and victims of the housing societies.

During the event, 6,750 victims of the State Life Cooperative Housing Society, waiting for plot allocations since 2003, received allocation letters worth Rs70 billion, facilitated by Lake City Holdings.

The chairman emphasised that collaborative efforts by the NAB and the Cooperative Department would enable the completion of development and plot possession within three years. Similarly, 1,560 victims of the Formanites Housing Society scam, waiting since 2000, were issued cheques worth Rs970 million, with an additional Rs500 million payout in profit promised within two months.

The NAB chairman declared 2025 a transformative year for the real estate sector, announcing plans for a unified platform that would bring developers, regulators, and stakeholders together to streamline project approvals and development timelines.

He also urged the government to establish dedicated courts for overseas Pakistanis in Lahore to expedite the resolution of their cases.

Commending the efforts of NAB Lahore’s investigation teams, the chairman praised their innovative approaches in resolving these long-standing disputes and ensuring victims not only recovered losses but also received profits.

DG Amjad Majeed Aulakh said that the NAB Lahore has distributed Rs12 billion to 26,000 victims through five ceremonies in the past two years.

He pointed out key reforms, including the elimination of the open-file system in Lahore’s real estate market and the establishment of a committee comprising the DG LDA, senior members of the Board of Revenue, and RUDA officials to oversee housing society cases.

He said that the newly launched Business Facilitation Cell is expected to streamline property-related issues and boost business activity across Punjab.

After the event, certificates of appreciation were awarded to the investigative teams who resolved the complex cases of the State Life and Formanites Housing societies.