01-08-2016, 12:23 PM
LAHORE: NAB Lahore apprehended a ‘big fish’ on Thursday for alleged corrupt practices and cheating the public at large to the tune of Rs 16 billion. The accused person, identified as Hammad Arshad, was arrested on allegations of corruption and corrupt practices, cheating the public at large and misappropriation of funds of Rs16 billion in the DHA City Lahore case.
According to a NAB spokesman, the accused Hammad Arshad, in the capacity of owner of Globaco (Pvt) Ltd, offered his services and executed an agreement with DHA EME on November 11, 2009 wherein the parties agreed to develop the DHA City Lahore on land measuring 25,000 Kanals. It is said that the accused Hammad Arshad is linked to Eden Group.
Globaco, the company of the accused according to NAB, was assigned the responsibility of acquiring the required land. The accused person failed to honor the agreement and instead of purchasing the land agreed upon by the parties, purchased only 13,103 kanals land and that too in chunks/ scattered form. However, the accused person issued allotment letters and collected money from the general public to the tune of Rs15.47 billion.
"Later, Hammad Arshad transferred the collected money to his personal accounts and used the same for his personal gains and invested it in other business ventures. Furthermore, no development work took place in the said society. By doing so, the accused person Hammad Arshad cheated the general public, families of soldiers and martyrs and deprived the general public of their hard earned money. In the said case, so far, there are more than 11,715 registered affected people with the DHA," the spokesman claimed in a press statement.
The DHA Lahore, being principal aggrieved, on behalf of the affected, lodged a formal complaint with NAB. As a result, a formal inquiry was authorized in NAB Lahore. Role of Elysium as well as other companies and accused persons in abettment of the crime is being investigated.
NAB will produce Hammad Arshad before the Accountability Court Friday (today) to obtain his physical remand.
According to a NAB spokesman, the accused Hammad Arshad, in the capacity of owner of Globaco (Pvt) Ltd, offered his services and executed an agreement with DHA EME on November 11, 2009 wherein the parties agreed to develop the DHA City Lahore on land measuring 25,000 Kanals. It is said that the accused Hammad Arshad is linked to Eden Group.
Globaco, the company of the accused according to NAB, was assigned the responsibility of acquiring the required land. The accused person failed to honor the agreement and instead of purchasing the land agreed upon by the parties, purchased only 13,103 kanals land and that too in chunks/ scattered form. However, the accused person issued allotment letters and collected money from the general public to the tune of Rs15.47 billion.
"Later, Hammad Arshad transferred the collected money to his personal accounts and used the same for his personal gains and invested it in other business ventures. Furthermore, no development work took place in the said society. By doing so, the accused person Hammad Arshad cheated the general public, families of soldiers and martyrs and deprived the general public of their hard earned money. In the said case, so far, there are more than 11,715 registered affected people with the DHA," the spokesman claimed in a press statement.
The DHA Lahore, being principal aggrieved, on behalf of the affected, lodged a formal complaint with NAB. As a result, a formal inquiry was authorized in NAB Lahore. Role of Elysium as well as other companies and accused persons in abettment of the crime is being investigated.
NAB will produce Hammad Arshad before the Accountability Court Friday (today) to obtain his physical remand.