After nearly two decades, the National Accountability Bureau (NAB) has achieved a significant milestone. They successfully began returning recovered funds to victims of the Bankers City Housing Scheme scam, totaling an impressive Rs. 1.209 billion so far. This landmark effort demonstrates how NAB recovers funds, offering long-awaited justice to countless affected investors.
Unraveling the Bankers City Housing Scheme Scam
Authorities initially uncovered this widespread scam in 2006. Subsequently, a formal probe commenced in 2007, spurred by a deluge of public complaints. The Bankers City Housing Society, registered with the Securities and Exchange Commission of Pakistan in 2003, falsely claimed ownership of a vast 14,000 kanals of land. This land was supposedly spread across key regions including Islamabad, Rawalpindi, and Haripur.
NAB’s Persistent Recovery Efforts for Bankers City Funds
Following extensive years of rigorous investigation and complex court proceedings, NAB diligently managed to recover Rs. 1.209 billion from the accused parties. Moreover, officials have confirmed that these vital recovery operations are still actively in progress, promising further restitution for victims. This dedicated focus underscores NAB’s commitment to combating financial fraud.
Phased Repayments to Victims
In the initial phase of repayments, NAB successfully distributed Rs. 341 million among 476 affected investors. This critical distribution utilized multiple channels for efficiency. Consequently, the bureau issued payment orders worth Rs. 120 million to 316 claimants, while electronically transferring Rs. 221 million to 160 other individuals.
According to NAB, the amount refunded to victims surprisingly equals nearly two and a half times their original investments. Furthermore, the bureau has stated its clear intention to release the remaining recovered funds to approximately 2,200 verified victims in subsequent, carefully planned phases. This ongoing commitment ensures comprehensive restitution for all who suffered from the Bankers City Housing Scam.
