ISLAMABAD: National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry presented a cheque for Rs117.5 million to Vice Chief of Air Staff Air Marshal Saeed Muhammad Khan on Friday.

According to a NAB spokesman, the bureau’s Rawalpindi office successfully pursued a case involving M/s Al Hamra and M/s Eden Builders and concluded that the two companies had in 2010 cheated members of the Shaheen Foundation by collecting money in the name of allotment of plots in a fake housing project in Islamabad. The housing scheme was called Al Hamra Avenue.

NAB recovered Rs1.832 billion from the management of Al Hamra and Al Hamra Avenue.

According to the case details, the previous management of the two companies had deceived members of the Shaheen Foundation by inducing them to book plots in the project and received about Rs1.258bn from them.

The suspects failed to hand over the plots in the stipulated time and instead sold the land to other parties, depriving members of the Shaheen Foundation of their money.

When NAB took up the case, the present management of the companies expressed willingness to return Rs573m as a profit as well as the principal amount to the affected people.

In the first phase, an amount of Rs366m was returned to the affected members of Shaheen Foundation and in the second phase Rs50m was returned.

In the third phase, a cheque for Rs117.5m was returned on Friday.

Published in Dawn, June 18th, 2016