The Accountability Court, Lahore has granted six days remand of the accused Zahoor Ahmad Wattoo of Formanites Housing Scheme, Lahore who was arrested by NAB Lahore in a case of worth Rs 1.5 billion on the allegations of cheating public at large as more than 1100 affectees have filed complaints with NAB Lahore regarding this scam.
As per details, the accused persons, in connivance with each other, launched Formanites Housing Scheme in 1997 and lured the general public to invest / purchase plots in the Formanites Housing Scheme. In the subject housing scheme illegalities committed by the accused persons were massive in number and magnitude. The number of plots sold out to the general public were far greater than those existed in the approved plan.
Moreover, there were frequent instances of duplication and cancellation of plots without any justification and plausible reasons. Further, land reserved for amenities was illegally transformed into residential and commercial plots and sold out to the general public. The public was forced to pay excessive development charges. In 2003-2004, the accused persons illegally started booking and selling plots in Phase-II of the Formanites Housing Scheme for which no land was specified in the first place and continued the practice recklessly over a long period.-PR
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