Shaheen Foundation Case: NAB returns the looted money to VCAS
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ISLAMABAD, June 17 (APP): Shaheen Foundation Case: NAB returns the looted money to VCAS
Chairman, National Accountability Bureau (NAB), Qamar Zaman Chaudhry on Friday presented a cheque of Rs 117.5 million to Managing Director Shaheen Foundation, Vice Chief of Air Staff, Air Marshal Saeed Muhammad Khan to return amount to affected people of the foundation.
Air Marshal Saeed, who called on the Chairman here, thanked him for recovering looted money of the affected people.
As per details, in a case of Al-Hamra (Pvt) Ltd and Management of Eden Builders, NAB Rawalpindi successfully pursued the management to realize recovery of Rs 1832.168 million from present management of Al-Hamra (Pvt) Ltd and Al Hamra Avenue Pvt Ltd through chief executive and others. The previous management of the said companies deceived Shaheen Foundation and its members by inducing them to book plots in their projects and received Rs 1258 million (approx).
The subject accused failed to hand over plots rather land was sold to other parties and deprived the members of Shaheen Foundation from their hard earned money.
During the inquiry proceeding the present sponsors have shown willingness in writing to return Rs 573 million as a profit in addition to principal amount.
In the first phase, Rs 366 million have already been returned to affected people of M/s Shaheen Foundation due to NAB efforts.
In second phase, Rs 50 million have been returned to affected people of M/s Shaheen Foundation. Today in third Phase, Rs 117.5 million were returned to the affected people.
