Victims of housing society scams: NAB initiates distribution of allotment letters, cheques

LAHORE: Chairman, National Accountability Bureau (NAB), Lt. Gen Nazir Ahmed (retd), attended a special ceremony at NAB Lahore for the distribution of allocation letters and cheques to victims of housing society scams.

During the event, allocation letters worth Rs. 70 billion and cheques worth Rs. 970 million were distributed to 8,310 affected individuals from the State Life Cooperative Housing and Formanites Housing Society cases.

Addressing the gathering, the NAB Chairman termed the recoveries in these cases as the largest in NAB Lahore’s history. Highlighting the efforts to facilitate the business community, he inaugurated the Business Facilitation Cell at NAB Lahore. Additionally, he announced the establishment of a Facilitation Cell for Overseas Pakistanis to address property-related issues efficiently.

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

During the ceremony, 6,750 victims of the State Life Cooperative Housing Society awaiting plot allocation since 2003 were issued allocation letters worth Rs 70 billion in collaboration with Lake City Holdings. Chairman NAB emphasized that efforts by NAB and the Cooperative Department will enable State Life Cooperative Society to complete development and possession of plots within three years. Additionally, 1,560 victims of the Formanites Housing Society scam, waiting since 2000, were given cheques worth Rs 970 million, with assurances of another Rs 500 million payout in profit within two months.

For Real Estate Revamp and Business Community Facilitation,

Chairman NAB announced that 2025 would mark a transformative year for the real estate sector. A unified platform for developers, regulators, and stakeholders will address key issues under one roof to expedite project approvals and development timelines. Furthermore, the Chairman urged the government to establish dedicated courts for overseas Pakistanis in Lahore to resolve their cases swiftly.

Commending NAB Lahore’s investigation teams, the Chairman praised their exceptional performance in resolving these long-standing disputes. He noted that NAB adopted innovative approaches to ensure victims’ losses were compensated with profit.

While addressing, the ceremony participants, DG NAB Lahore, Amjad Majeed Aulakh, highlighted that NAB Lahore has distributed Rs. 12 billion among 26,000 victims through five ceremonies in the past two years. He emphasized the elimination of the open-file system in Lahore's real estate market and introduced reforms, including a committee comprising DG LDA, senior members Board of Revenue, and RUDA officials to oversee progress on housing cases. He said, NAB Lahore's new Business Facilitation Cell is expected to significantly streamline property-related issues and boost business activity across Punjab.

At the conclusion of the event, certificates of appreciation were awarded to the investigative teams who resolved the complex cases of State Life and Formanites Housing Societies. The Registrar of Cooperatives Punjab was also recognized for his pivotal role in the societies' successful affiliation.

Copyright Business Recorder, 2025