PESHAWAR: National Accountability Bureau (NAB) here on Tuesday handed over recovered assets worth more than Rs6 billion to Khyber Pakhtunkhwa government, marking the first phase of asset recovery in one of Pakistan’s largest-ever financial fraud investigations involving alleged embezzlement of over Rs37 billion in the Upper Kohistan district accounts office.

The chairman of NAB, retired Lt Gen Nazir Ahmad, transferred the recovered assets to the chief secretary of KP, Shahab Ali, Shah at a ceremony here.

According to a press release, the assets form part of a broader recovery effort arising from a large-scale corruption investigation conducted by NAB, which uncovered the alleged embezzlement of more than Rs37 billion from the public exchequer over nearly a decade.

Addressing the ceremony, the provincial director general of NAB, Farmanullah, said that the recovered assets handed over in the first phase included cash holdings, precious metals, luxury vehicles and high-value commercial and residential properties identified during the course of investigation.

Officials say additional recoveries are expected in coming months

He stated that additional recoveries were expected in the coming months as legal proceedings continued and further assets were realised. “The recovery of these assets reflects our commitment to ensuring that public resources are protected and restored for the benefit of citizens,” he added.

The Upper Kohistan investigation was formally authorised by the NAB chairman in April 2025 and was subsequently pursued by the bureau under the supervision of Farmanullah, with the assistance of a combined investigation team (CIT).

Investigators uncovered a sophisticated network responsible for unlawful withdrawal and diversion of public funds through manipulation of treasury instruments and abuse of official financial procedures.

Farmanullah said that one of the most significant breakthroughs came when investigators identified a bank account allegedly operated by one of the accused Mumtaz Khan, which NAB believed served as a major channel for the movement of illicit funds.

Financial records examined during the investigation reportedly revealed transactions amounting to approximately Rs17 billion through the account within a relatively short period.

He said that timely intervention by the bureau enabled investigators to freeze substantial amounts of money and prevent further dissipation of public assets.

Providing details of the recovery process, Farmanullah said that more than Rs27 billion worth of assets were frozen under its authority, while assets valued at over Rs10 billion were recovered through plea bargain arrangements and other legal mechanisms.

He also released a recovery overview showing total amount of over Rs37 billion traced during the investigation; assets of more than Rs27 billion frozen under NAB authority; assets to the tune of Rs10 billion recovered through plea bargains; and assets of more than Rs6 billion transferred to the KP government in first phase.

The NAB chairman, retired Lt Gen Nazir Ahmad, commended the performance of the investigation team and praised the leadership of Farmanullah and members of CIT for conducting what he described as an extensive and highly complex financial investigation.

He said that the case demonstrated the capability of accountability institutions to identify, trace and recover assets derived from corruption and financial crimes.

He said that NAB was an apolitical institution committed to across-the-board accountability and the rule of law. He emphasised that the bureau would continue pursuing corruption cases without discrimination and would not allow any corruption-related crime to go unchecked.

“NAB alone cannot fight the war against corruption. The entire nation must join hands with NAB in the fight against corruption. Only through collective efforts can we safeguard public resources and ensure transparency, accountability and good governance,” he said.

The NAB officials indicated that preparations had already begun for the next phase of asset realisation and transfer.

Published in Dawn, June 3rd, 2026