ISLAMABAD – The National Accountability Bureau (NAB) has exposed what is being described as one of the most significant real estate scams in the history of Pakistan’s federal capital. Investigations into the Islamabad Cooperative Housing Society (ICHS) have revealed a staggering discrepancy between the land actually owned by the society and the number of plot files sold to the unsuspecting public.
The Scale of the Discrepancy
According to investigative sources from NAB Rawalpindi and Islamabad, the society’s approved layout and available land bank only supported the issuance of approximately 6,000 plot files. However, former management and their facilitators allegedly issued nearly 42,000 files, creating a massive vacuum where 36,000 files exist without any physical land to back them up.
This systematic over-selling of “paper plots” was reportedly used to siphon billions of rupees from citizens. Preliminary findings indicate that the financial irregularities have already crossed the Rs 16 billion mark, with officials warning that this figure is likely to rise as more bank statements and transaction records are scrutinized.
Missing Records and Systematic Fraud
The investigation has highlighted a severe lack of documentation. Payment records and allotment details for thousands of these files are either missing or were never created. Authorities believe that fake and duplicate files were intentionally generated to maximize illegal collections. Many victims were sold land that either did not exist, lacked the necessary legal approvals from regulatory bodies, or was never properly acquired by the society.
High-Profile Arrests and Remand
In a major crackdown, NAB has arrested seven key suspects linked to the society’s former management and associated land dealing firms. The individuals currently in custody include:
- Mehdi Khan Shakir (Former Secretary General)
- Malik Muhammad Nawaz (Former Treasurer)
- Muhammad Arshad (Former Executive Member)
- Munir Akhtar, Ali Mahmood, Yameen Malik, and Ghulam Jailani (Associated with Land Stock Dealing Point Company)
An Islamabad accountability court has granted NAB a seven-day physical remand of the accused. This period will be used to recover missing documentary evidence, trace the money trail of the Rs 16 billion, and identify further accomplices who may have facilitated the fraud from within the administration or through external agencies.
Future Outlook
NAB officials have signaled that the scope of the investigation is widening. Teams are currently looking into the roles of other administrative staff and financial consultants who managed the society’s affairs over the last several years. More arrests are expected as the bureau attempts to recover assets for the thousands of affected allottees.
Our audience means everything to us.
Have feedback or suggestions to make us better? We’re always listening—feel free to get in touch with us at truthora2026@gmail.com
Leave a Comment