NAB asks people not to invest in illegal housing schemes

ISLAMABAD: The National Accountability Bureau (NAB) on Wednesday once again asked people not to invest in the illegal housing schemes launched sans having any approval from the respective regulator.

A NAB spokesman said people should not invest in any housing/cooperative society which did not have sufficient land or approved documents as NAB was receiving hundreds of complaints of cheating or non possession of land despite receiving money.

Chairman Justice (Retd) Javed Iqbal directed all director generals to conclude investigations against illegal housing/ cooperative societies within the prescribed time frame so that their hard earned money could be returned to them.

The chairman issued directives while chairing a meeting of National Accountability Bureau (NAB) held to review the ongoing investigations against illegal housing/cooperative societies.

The meeting was informed that billion of rupees have already been returned to the affectees after recovering from illegal housing/cooperative societies in the investigations conducted by regional bureaus. The affectees thanked the chairman for the recovery of their looted money.

The forum was informed that owners of few housing/cooperative societies were busy in looting people and selling unauthorised files without having lay out plan and no objection certificate from relevant authorities.

He said they were enticing people through attractive advertisement campaign, which is contrary to relevant laws.

The silence of respective regulators and not exercising their authority to check illegal housing societies was tantamount to negligence from duties.