LAHORE: The National Accountability Bureau (NAB) on Saturday arrested Shahid Shafiq Alam Faridi, proprietor/partner of Bismillah Engineering Services, during investigation into the Punjab Land Development Company.

Bismillah Engineering is a C4 category subsidiary company of Paragon City.

Faridi is accused of presenting fake documents, obtaining constructive possession of Ashiana Iqbal project without financial close and willfully failing to complete the project causing a loss of around Rs1bn to the government.

The NAB arrested the suspect, fearing he could escape or tamper with prosecution evidence through coercion, criminal inducement and criminal intimidation.

Faridi in connivance with officers/officials of Lahore Development Authority presented fake documents of joint venture/consortium comprising three firms – Bismillah Engineering Services Co, M/s Sparco Construction Company and M/s China First Metallurgical Group Co Ltd -- and eventually obtained a contract of Rs14 billion illegally being owner of C4 category company, which was not eligible to get a contract worth more than Rs150 million.

A NAB spokesman said the suspect with mala fide intentions obtained constructive possession of Ashiana Iqbal project without financial close and willfully failed to complete the project that caused Rs1 billion loss.

The spokesman said Faridi was given a fair chance to explain the allegations against him. However, he said, the suspect failed to submit any plausible reply and they were apprehensive he might escape or tamper with the prosecution evidence.

“Arrest of accused is necessary for the recovery of corruption money, collection of evidence and concluding the investigation in accordance with law,” the spokesman added.

At least 16,000 poor citizens had deposited around Rs610 million for apartments in the Ashiana Iqbal scheme, but the project could not be completed even after passage of three years.

Published in Dawn, February 25th, 2018