KARACHI: Busting a gang of accused in a cooperative housing society fraud, the National Accountability Bureau (NAB) raided and arrested two, while recovering cash and other valuables from their custody.
A press release issued by NAB said that the raid was conducted under the instructions of NAB Karachi DG Mohammad Altaf Bawany on the houses of Karimabad Ismailia Multipurpose Cooperative Society (KIMCS) Honorary Secretary Barkat Ali and Honorary Treasurer Amin Muhammad Karim Fazwani on Tuesday.
However, a search operation was conducted at the residence of the said accused persons located at KIMCS, Federal B Area Karachi. During the search operation, the NAB Karachi team recovered Rs27 million including foreign currency.
Further, prize bonds worth Rs1.76 million and gold bars and ornaments weighing 60 tolas were also recovered.
The accused persons in connivance with each other held a sham election of the society in violation of society bylaws and illegally took over management of society.
It was prima facie established against them that they were involved in various offences like misappropriation of society funds, security deposits and transfer fees among other allegations, making illegal allotments of flats to their favourites in violation of society bylaws and illegally converted amenity area more than 9000 square feet and sold it.
The amenity areas were otherwise earmarked for primary school, library, day care centre and recreational area.
The accused persons caused loss to society to the tune of Rs750 million approx.
It is worthwhile to mention here that five accused persons have already been arrested and the accountability court had remanded them to the custody of NAB Karachi.