ISLAMABAD - The Eden Group has agreed to return Rs1.8 billion of Shaheen Foundation through National Accountability Bureau (NAB), The Nation learnt yesterday.

The Eden Group had already settled the three instalments through NAB Voluntary Return (VR) while the five are yet to be paid.

According to the documents available with The Nation, the accused (management of Eden Group and the Al-Hamara Pvt. Ltd) hoodwinked the Shaheen Foundation and its more than 700 members by including them to book the plots in their projects and received Rs. 1258 million (approx). Furthermore, reportedly, the general public has also been looted by selling plots. The accused has not handed over the plots rather sold the reserved land for the subject plots to DHA.

The documents further say that the complaint was registered with the NAB Rawalpindi on Aril 01, 2014 and Chairman NAB authorized inquiry on complaint on October 02, 2014.

The documents revealed the facts of the case that Shaheen Foundation trust of Pakistan Air Force (PAF) entered into an agreement with Al-Hamra Avenue (Pvt) Ltd and Al-Hamra Hills (Pvt) Ltd on 06-02-2006 for purchasing of 1564 residential plots (each one Kanal) and 10 farm houses (each 20 kanals) for its members who are retired personnel of PAF. Subsequently, on mutual agreement the farm houses got reduced to seven and plots to 700. Consequently, Shaheen Foundation paid Rs 1.26 billion (approx) to the management of Al-Hamra Avenue (PVT) Ltd and Al-Hamra Hills (Pvt) Ltd. The companies had neither NOC for the project nor any layout plan approved by the concerned regulator.

On 20-04-2013 Hammad Arshad, the Eden Group, entered into an agreement with Habib Ahmed, the then CEO of Al-Hamra, and purchased the shares with all assets and liabilities. Later, during June 2013, all of a sudden the land reserved for the members of Shaheen Foundation under mala fide intention transferred to DHA, Islamabad.

Moreover, since the acquisition of Al-Hamra by the new management not a single step has been taken so far for the development and kept ignoring its obligations towards members of Shaheen Foundation who had paid a huge amount. The accused has shown willingness in writing to return Rs 573 million as a profit in addition to principal amount, the documents say.