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ISLAMABAD: The Natio­nal Accountability Bureau distributed on Wednesday Rs160 million cheques among 333 people defrauded by different investment scams.

Some of the major scams whose victims received cheques included the Capital Builders scam, Islamabad Electric Supply Company defaulters’ case, Unaico scam, Data Motors case and National Fertilisers Marketing Company Limited fraud case.

A NAB spokesman said some of these cases had been investigated for a decade and the bureau had partially reimbursed the looted money to affected people in phases.

In Capital Builders scam, Chaudhry Tassaduq Pervez, the chief executive of M/s Capital Builders, along with others, launched the `New Islamabad Garden’ housing scheme in Sector C-17 in 2005.

The management booked more than 3,000 plots without getting prior permission or a no-objection certificate from the Capital Development Authority. The booking of such large number of plots was made despite the fact that the company owned only 305 kanals.

NAB started investigation into the matter. Chaudhry Pervez, the accused, submitted an application for the plea bargain which was accepted by NAB and subsequently approved by an accountability court. The accused paid Rs139m against claims filed by about 424 people. NAB has so far returned Rs116m to the victims.

In Iesco defaulters’ case, NAB recovered Rs1.08m from electricity defaulters and paid to the distribution company.

Addressing the cheque distribution ceremony, NAB’s deputy chairman Saeed Ahmed Sargana appreciated efforts of NAB’s Rawalpindi office for actively pursuing corruption cases and recovering the looted money.

“The practice to invest money in unauthorised investment schemes in greed for more money and lucrative returns on investment must be ended and discouraged,” he said.

He advised people to invest only in government-approved schemes to avoid losses.

Published in Dawn, December 4th, 2014