NAB prepares to pounce on bogus housing schemes | Pakistan Today

NAB prepares to pounce on bogus housing schemes

ISLAMABAD: The National Accountability Bureau (NAB) is all set to launch a major offensive against various housing schemes allegedly involved in fraudulent practices across the country.
An informed source confided to Pakistan Today that NAB officials had already completed preliminary investigation into shady practices of some housing societies involved in looting innocent people.
“NAB has completed preliminary investigation against all illegal housing societies and will soon take action against those involved in looting innocent Pakistanis,” the source said.Bank Al-Falah Housing Scheme, the source said, tops the list of bogus housing schemes involved in cheating innocent people, who have lost millions of rupees since the launch of the scheme in 2004.
The source named two officials, Shakil Sadiq and Sirajuddin, who were involved in fraudulent activities being carried out in the name of Al-Falah Housing Society.
The source said NAB was also probing activities of the Banker’s Town and many other housing schemes announced in various parts of the capital and on Fateh Jang Road.
No probe, however, would be conducted into the affairs of National Assembly Employees Cooperative Housing Society (NAECHS), as a sub-committee of the National Assembly was already investigating the matter, the source added.
A probe was also underway against former Senator Ayaz Khan Mandokhel, allegedly involved in a housing scheme namely Parliamentarians Enclave.
According to the source, Mandokhel allegedly acquired 90 kanals of land in the name of Parliamentarian Enclave and sold 3,000 plots to various people who later found that the scheme was bogus as no land was ever acquired.
The victims of the fraud later lodged complaints with NAB against the former senator, the source said.
“Unfortunately there was no effective legislation in place to protect investors from such frauds and the government had also ignored this alarming issue, despite the fact that a lot of people have already fallen victim to such cheating practices,” said the source.
Various legal consultants said there was a dire need to improve the Private Housing Schemes Regulation Act 2005.
The experts said the outdated system of land and revenue departments and other civic agencies was encouraging fake housing societies to exploit people.
A recent survey conducted by the Punjab Revenue Department revealed that 100 out of 400 housing schemes in Lahore were bogus. The offices of these housing schemes are mostly located on Bedian Road.
The Lahore Development Authority (LDA) declared 103 housing colonies illegal, whereas the housing cell of the National Accountability Bureau has started investigating into these fraudulent schemes.
Meanwhile, a majority of residential schemes in Potohar region also do not have proper sewage systems, while many housing projects have not even arranged the supply of potable water for the residents.



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