An accountability court on Thursday extended physical remand of Hammad Arshad, owner of Globaco (Pvt) Ltd, in a Rs 16 billion DHA City (Lahore) scam.
Earlier, the National Accountability Bureau (NAB) officials produced the accused before Accountability Court Judge Khaqan Babar amid strict security on expiry of three-days remand term. The officials requested the court to grant further 14-days physical remand of the accused for investigations.
However, the counsel for the accused said that the accused was being trapped in the scam.
The court after hearing arguments accepted NAB’s plea and extended physical remand of the accused for another 12 days.
The court also directed the NAB officials to produce the accused in court on expiry of his remand term on January 26. The court also allowed the accused to get books and food from home.
The NAB arrested Hammad Arshad on charges of corruption and cheating people on Thursday. The accused offered his service and executed an agreement with DHA EME (Lahore) in November 2009 wherein parties agreed to develop DHA City on land measuring 25,000 kanals. His company -Globaco – was assigned the responsibility to acquire the required land but he failed to honour the agreement.
Instead of having purchased the land agreed upon by the parties, he purchased only 13,103 kanals and that too in scattered form.
He issued allotment letters and collected money from the general public to the tune of Rs 15.47 billion.
Later, Arshad transferred the money to his personal accounts and used it for his personal gains and invested in other business ventures.