The National Accountability Bureau (NAB) Karachi on Thursday claimed to have arrested the former project director of Lines Area re-development project over charges of causing loss of Rs 5 billion to the national exchequer.
Fareed Ahmed Yousufani was charged with embezzlement over generating money through ‘China-cutting’. It was further alleged that funds generated through this were used to ‘finance terror activities,’ according to NAB spokesperson.
The official said that the arrested suspect was involved in illegal bifurcation, amalgamation and allotment of precious auction plots in Lines Area re-development project through ‘China Cutting’ bypassing the auction which was otherwise ‘mandatory’ as per law.
“The land was then illegally allotted to builders and ‘qabza mafia’ at throw away prices for bribe and commission. These illegal activities caused a loss in excess of Rs 5 billion to the national exchequer.”
The above-mentioned illegal land grabbing resulted into generation of “funds for terror financing and unregulated settlements for terrorist activities”, the official added.
During initial interrogation, Yousufani mentioned the names of many former project directors, former KMC administrators and KDA officers as his partners. The accused persons have amassed huge assets for themselves through corruption, claimed NAB’s official.