NAB Lahore arrests CEO, PIDC in multi-billion scam case

Salim Ahmed

Lahore

National Accountability Bureau (NAB) Lahore has arrested Khalid Mehmood Chadda, Chief Executive Officer, Pakistan Industrial Development Corporation (PIDC) and his accomplice Muhammad Zubair on the charges of corruption and making a loss of around Rs 11.25 billion to government exchequer by illegal sale and procurement of land measuring 800 Kanals at exorbitant rates in Sargodha for NIPD.
Peering into details, accused Khalid Mahmood Chadda being the Chairman of both Committees Monitoring, Audit and Finance, purchased the land in violation of PPRA rules from co-accused Muhammad Zubair.
Khalid Mahmood Chadda signed the bids of above mentioned favoured person at the rates of Rs 13.25 Lac/Acre by ignoring the lowest bidder of Rs 700,000 per acre. On the other hand, value of the land was Rs 200,000 per acre according to the valuation table for that time but CEO, Khalid Mahmood approved purchase at the rate of 13.25 Lac/Acre and caused a loss of Rs 112,500,000 to national exchequer.
Khalid Mahmood, by misusing his authority and granting undue favour to the vendor, purchased the land which was also under charge of mortgage against loans of different banks. While vendor Muhammad Zubair was also not the sole owner of land for which he got approved the bid in connivance with Khalid Mahmood.
NAB Lahore has acquired 10 days’ physical remand of the accused persons for further investigations.

Share this post

PinIt
    scroll to top