The National Accountability Bureau (NAB) Islamabad/Rawalpindi has handed over recovered assets worth more than Rs4.1 billion to the Rawalpindi Development Authority (RDA) in connection with a major corruption case involving the embezzlement of the authority’s departmental funds.
According to NAB, the recovered assets were formally transferred during a ceremony held at its Islamabad/Rawalpindi office. Director General NAB Islamabad/Rawalpindi Waqar Ahmad Chauhan handed over the assets, including Call Deposit Receipts (CDRs) and immovable properties, to RDA representatives.
The case relates to the alleged embezzlement of RDA funds through the fraudulent issuance of 321 Call Deposit Receipts. NAB said its investigation led to the recovery of Rs1.75 billion through plea bargains, settlements and direct recoveries.
In addition, 31 immovable properties valued at around Rs2.3 billion were frozen, and a receiver was appointed to safeguard the assets as part of the recovery process.
NAB credited the successful recovery to the supervision of Director General Waqar Ahmad Chauhan and the efforts of the investigation team led by Director Ilyas Qamar, along with Deputy Director Shahid Hussain and Assistant Director Hamza Iqbal.
The NAB chief commended the investigation team for its performance and reaffirmed the bureau’s commitment to recovering embezzled public funds and returning them to the relevant institutions.
The recovered assets have now been handed over to the Rawalpindi Development Authority to help restore the misappropriated public funds and properties.
NAB said a reference against the accused will soon be filed before the Accountability Court in Rawalpindi, while efforts to recover the remaining amount are still underway.
In a separate statement, NAB Chairman Lt Gen (retd) Nazir Ahmed said that the government will introduce new real estate reforms within the next two months to improve regulations in the sector.
Speaking during an informal media briefing, he said authorities will present the reforms to the federal cabinet for approval. He added that the government will abolish the existing file system once the reforms come into effect.
The NAB chief said the new policy will place full responsibility on real estate developers.
He also confirmed that NAB is still pursuing cases against members of parliament but no longer issues press releases about such cases.
Ahmed said NAB has referred several cases to the Federal Investigation Agency and provincial anti-corruption departments. He stressed that authorities should treat suspects with the same respect as investigators.
“The current NAB does not agree with what NAB did in the past,” he said.
Criticising a recent report by the International Monetary Fund, he called it “baseless” and said the IMF never gives a clean chit to any country.
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