ISLAMABAD: The National Accountability Bureau (NAB) on Tuesday distributed Rs341 million among 476 victims of Bankers City Housing Scheme scam.

According to the NAB, the money was distributed in a ceremony that was presided over by its Chairman retired Lt-Gen Nazir Ahmed.

It was informed that an amount of Rs 341 million was distributed among 476 victims as Rs120 million were handed over to 316 applicants via payment orders and Rs221 million were transferred to 160 applicants through online transactions.

The remaining recovered funds will continue to be distributed to the rest of the 2,200 victims after due verification. This event marks a major milestone in NAB’s mission to provide justice to those affected by long-standing financial scams.

The Bankers City scandal was first surfaced in 2006, leading to a formal investigation in 2007 following numerous public complaints. The housing society had been registered with the Securities and Exchange Commission of Pakistan (SECP) in 2003 and claimed to possess 14,000 kanals of land in Islamabad, Rawalpindi and Haripur.

However, investigations revealed that the management used misleading advertisements and unverified documentation to collect money from hundreds of citizens, despite the fact that the land was neither approved by the relevant regulatory authority nor consolidated, and the promised plots were never delivered.

Through a rigorous and persistent investigation and chronic litigation NAB successfully recovered a total of Rs1.209 billion from the accused. Efforts are underway to recover more money.

“In an exceptional achievement, NAB has returned an amount to the victims that is two and a half times greater than their original investment,” said an official press release issued by the NAB.

While appreciating the efforts of NAB’s investigation team led by Director General, NAB Islamabad/Rawalpindi Waqar Ahmed Chuhan, the NAB chief admired the contributions of prosecutor general accountability for keeping the case alive. He also thanked Lahore High Court, Rawalpindi bench for dismissing the appeal of accused and returned the case back to trial court in the interest of public at large.

Addressing the participants, the NAB chairman expressed his personal satisfaction in seeing justice served in a case that many believed had no hope of resolution.

He credited the success to the coordinated efforts of the NAB Rawalpindi team and the legal prosecution department. He reaffirmed that NAB was a people-friendly institution committed to protecting the life-long savings of the public and warned that the bureau will continue to pursue those who deceive innocent citizens.

The chairman urged the public to verify the legal status of housing schemes before making any investment.

Speaking on the occasion, Director General of NAB (Islamabad/Rawalpindi) Waqar Ahmed Chohan highlighted the complexities faced by the investigation team in tracking down hidden assets and frozen accounts.

To ensure total transparency and inclusivity, the bureau announced that new claims from legitimate victims were still being accepted subject to a verification process. It was reiterated that NAB will leave no stone unturned to get the hard earned money returned to the last victim of the scam.

A widower, who received compensation during the cheque distribution ceremony, the gesture has restored his trust in institutions.

A Chinese national, an affected investor, commended NAB for its fair treatment and praised the investigation team’s professionalism in handling the case.

Published in Dawn, January 21st, 2026