ISLAMABAD: An accountability court here reserved verdict on an application filed by two brothers against freezing of their assets for their alleged involvement in a £60 million mortgage fraud in the UK.

Accountability judge Mohammad Bashir will announce the decision on December 17.

According to the National Accountability Bureau (NAB) record, National Crime Agency, UK, through the regional manager of the National Crime Agency, British High Commission, Islamabad, in a letter dated Aug 7, 2017, asserted that Nisar Ahmad Afzal and his brother Saghir Ahmad Afzal were involved in the £60 million mortgage fraud in UK in 2004-06.

It was alleged that Saghir dishonestly obtained mortgages secured on six pieces of real property. These properties were purchased at arm’s length for a total of £6,885,625.

Each was then transferred between, or by use of, companies controlled by Saghir and Nisar at prices inflated to between five and 16 times the original price.

NAB earlier stated that on the basis of the grossly inflated prices, Saghir and Nisar applied for, and obtained, mortgage advances totaling £49,276,250.

The accused controlled all the relevant transactions, directly or through agents and intermediaries, and gave instructions as to the distribution of the fraudulently obtained money.

According to the UK authorities, the evidence was so compelling that Saghir pleaded guilty on January 17, 2011, (the first day of his trial) whereby he was sentenced by a UK court on June 14, 2011, to undergo 13 years in prison.

Nisar fled to Pakistan along with part of the proceeds (around £26 million), the application said.

After receipt of complaint and information from UK authorities, an inquiry was authorised by the competent authority against the accused persons in terms of offences of corruption and corrupt practices, it added.

However, Raja Aleem Abbasi, the counsel for the accused persons, argued before the court that the British authorities had cleared the two brothers.

He said the warrants issued against them had already been withdrawn.

He argued that since the cause of action in the case was no more, the court may order to unfreeze the properties of the accused persons.

Published in Dawn, December 14th, 2021