KARACHI:Busting a gang of accused of a cooperative housing society fraud, the National Accountability Bureau (NAB) raided and arrested two accused, recovery cash and other valuable from their custody.
A NAB release here said in line with vision of Chairman NAB Justice Javed Iqbal “Accountability for All” by adopting zero tolerance policy against corruption, and under the supervision of DG NAB Karachi Mohammad Altaf Bawany, the NAB Karachi conducted a raid on the houses of accused Barkat Ali Honorary Secretary, and Amin Mohammad Karim Fazwani, Honorary Treasurer of Karimabad Ismailia Multipurpose Cooperative Society Tuesday.
However, search operation was conducted at the residence of the said accused persons located at Karimabad Ismailia Multipurpose Cooperative Society, Federal B Area Karachi. During search operation, NAB Karachi team recovered following items:
1.Cash of Pak Rupees and foreign currency valuing more than Rs.27 million (Rs.2crore 70 lacs).
2.Prize bonds worth Rs. 1.76 Million (Rs.10 lac 76 thousand).
3.Gold bars and Golden Ornaments 60 tolas.
The accused persons in connivance with each other held a sham election of the society in violation of society by laws and illegally took over management of society.
The Karimabad Ismailia Multipurpose Cooperative Society is located at main Federal B Area Karachi.
It was prima facie established against them that they were involved in various offences like misappropriation of society funds, security deposits and transfer fees etc. They made illegal allotments of flats to their favorites in violation of society by laws and illegally converted amenity area more than 9000 square feet and sold it, against which the amounts went to their own pockets.
The amenity areas were otherwise earmarked for primary school, library, day care center and recreational area.
The accused persons caused loss to society to the tune of Rs750 million approx.
It is worthwhile to mention here that five (05) accused persons have already been arrested and Hon’able accountability Court remanded them to custody of NAB Karachi, said the release.