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PRESS RELEASES

 
Date: 8-Sep-2017  
Title: NAB is committed to recover looted money from corrupt: Chairman NAB

Islamabad: September 08, 2017: Air Marshal (Rtd) Muhammad Jamshaid Khan, Managing Director (MD) Shaheen Foundation called on Mr. Qamar Zaman Chaudhry, Chairman NAB at NAB Headquarter where Chairman NAB presented him cheque of Rs. 35 million which will be returned to the affectees of M/s Shaheen Foundation. Till Today, NAB has returned Rs. 670.242 million to Shaheen Foundation recovered from the present management of Al-Hamra (Pvt) Ltd and Management of Eden Builders PVT Ltd.

In a case of Al-Hamra (Pvt) Ltd and Management of Eden Builders PVT Ltd, NAB Rawalpindi has successfully pursue the management to realize the recovery of Rs. 1832.168 million along with profit of Rs. 573.41 million from the present management of Al-Hamra (Pvt) Ltd, Al Hamra Avenue Pvt Ltd through its Chief Executive & others.

In this case, previous management of the said companies deceived the Shaheen Foundation and its 700 members by inducing them to book the plots in their projects and received Rs. 1258 million (approx). The subject accused has failed to hand over the plots to Shaheen Foundation rather the land was sold to other parties and deprived the members of Shaheen Foundation from their hard earned money.

During the inquiry proceeding the present management of Al-Hamra (Pvt) Ltd, Al- Hamra Avenue Pvt Ltd shown willingness in writing to return Rs. 573.41 million as a profit in addition to principal amount of Rs. 1258.758 due to NAB efforts. NAB todate has returned Rs. 670.242 million to Shaheen Foundation for payment to the affectees of M/s Shaheen Foundation.

Air Marshal (Rtd) Muhammad Jamshaid Khan, Managing Director (MD) Shaheen Foundation appreciated the sincere efforts of NAB especially he thanked Mr. Qamar Zaman Chaudhry, Chairman NAB for recovering looted money of the affectees of Shaheen Foundation.

Mr. Qamar Zaman Chaudhry, Chairman NAB said that NAB is committed to recover looted money from corrupt by adopting Zero Tolerance Policy across the board.

 

 


 

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