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Rawalpindi: NAB urges citizens not to invest in fake housing societies - Naveed Yaseen - 07-25-2008 07:19 AM
Rawalpindi
National Accountability Bureau (NAB) Director General Rear Admiral Zakaullah has urged the citizen not to invest their hard earned money into fake housing societies without proper verification and conformation.
He expressed these views while addressing a cheque distribution ceremony to the affectees of 461 Mega Securities and 13 Nizami Town here at NAB building Rawalpindi on Thursday.
Addressing the ceremony the director general urged the citizens to beware of the fraudulent and fake societies advising that before investment consult with the NAB or relevant authorities to avoid any untoward situation.
He informed that NAB was the voice of downtrodden people and it help facilitate the poor segments of the society.
It is pertinent to mention that Mega Securities (Pvt) Ltd caused a loss of Rs72.77 million to its 461 investors by disposing of their share without knowledge. Therefore, Rs7.64 million were distributed among the affectees of Mega Securities.
In the case of Nizami Town, the management announced a housing scheme in 1993 and collected millions of rupees from people for the allotment of plots.
But out of 400 kanals the society could arrange only 44 kanals of land, which was transferred to a few members of the society. In all an amount of Rs18.7 million has been recovered and disbursed among affectees.
http://www.thenews.com.pk/daily_detail.asp?id=126212