National Accountability Bureau (NAB), Rawalpindi has distributed Rs 14.4 millions among 56 affectees cheated by the owners of a fake housing society Lake Vista Residencia (LVR) located at Mouza Abdullah, Adayala Road Rawalpindi.
The accused Malik Muhammad Azam has already been arrested on the allegation of cheating public at large by promising people for giving houses in his scheme.
He escaped after collecting huge amounts from general public against the promise of giving them fully constructed houses in the said society.
NAB (Rawalpindi) had so far received complaints from 56 complainants, against accused Malik Muhammad Azam and others who neither provided them houses nor returned their money after failure to hand over houses, said a press release issue here on Monday.
Accused persons attracted the general public by making undue commitments that the housing scheme consisted of 4000 Kanal Land and all the facilities like swimming pools, Gymnasium, Parks , community center, Mosques and amusement parks had already been established there. They claimed in their advertisement that 25% development work had already been completed and rest of the development would be completed in 3 years time. Accused failed to fulfill their promises.
Director General NAB Rawalpindi Irfan Naeem Mangi said the bureau was making all out efforts to recover the looted money from the swindlers.
However, the practice to invest in the unauthorized schemes in greed of more interest and returns on investments must be ended and discouraged. He urged the people to invest only in the government approved banking system and investment companies.