LAHORE  -  The National Accountability Bureau on Wednesday arrested six property dealers for cheating public at large in the name housing schemes.

 An official said the suspects robbed many innocent people by launching fake housing project. They also collected more than Rs 150million from the victims as investment in the scheme. 

A NAB spokesman said at the six property dealers namely Sultan Mahmood, Nadeem Khan, Chaudhry Waseem, Mian Faisal, Musawir Hussain and Momin Azhar were found involved in practices of cheating public at large and criminal breach of trust which caused financial losses worth Rs 150million to innocent investors in the fake housing project.

According to officials, Lahore NAB officials initiated proceedings after receiving complaints of cheating and fraud by owners of Bin Alam Developers including Kazim Alam, Nazim Alam, Muhammad Asif Alam, and others who were arrested in March this year. Presently, they are in the custody of Lahore NAB.

The inquiry further revealed that the arrested suspects used to lure public in the garb of investment in their different fake housing development projects which actually not exists on ground as declared by them.

This company against these fake projects of Bin Alam City at Lahore was collecting huge funds in the name of above shared projects even without acquiring formal approval from Lahore Development Authority (LDA). In this regard, more than 890 victims with claims of Rs 930million have, so far, approached Lahore NAB Lahore for recovery of their assets, demanding strict legal action against the owners and dealers of Bin Alam projects.

It was also learnt during the inquiry that the owners had authorized twelve dealers in total for booking of the plots and sale of registration forms of the said fake housing societies. After collecting evidences, Lahore NAB arrested six property dealers of Bahria Town. They were identified by NAB as owners of SSM Estate, SAM Marketing, PZ Estate, OLK Marketing, AP Estate, and BA Estate. The accused have been found involved in the fraud in connivance with the owners of Bin Alam developers. These real estate agents allegedly got illegal benefit through selling of registration forms/membership forms and plot files of the bogus projects of M/s Bin Alam developers. Thus they gained illegal pecuniary benefits from the same.

These dealers were arrested by Lahore NAB after they interrogated the owners of the fake housing projects. The NAB officials got physical remand of these six accused persons by producing them before Accountability Court in Lahore till June. Further investigations were underway.