ISLAMABAD: Federal Investigation Agency (FIA) has unearthed an alleged fraud worth billions of rupees in the Central Board of Revenue Employees Cooperative Housing Society (CBR ECHS) and registered First Information Report (FIR) against the President and other officer bearers of the housing society.
According to the sources, FIA Corporate Crime Circle Islamabad has registered an FIR against 16 suspects including the office bearers of CBR Employees Cooperative Housing Society and the land providers for allegedly executing agreements on exorbitant rates without considering the actual rate of the land of the locality, converting a residential plot into commercial plot without paying any conversion fee and release of payment to the land providers without taking over of the land etc.
So far, the FIA has arrested Ch. Nazir Ahmed, Executive Member, (Ex-Secretary), and Rana Liaqat Ali (the land provider) while the FIA has been conducting raids to arrest the other accused and the accused are in hiding, said the sources.
They added that the role of other accused will be thoroughly thrashed during the course of investigation into the matter by the FIA.
According to sources of FIA, the office bearers of CBR Employees Cooperative Housing Society signed different land agreements with land providers from the year 2013 to 2019 and released the payments to the land providers without taking control of the total agreed land.
The management committee of CBR Employees Cooperative Housing Society through alleged fraud, cheating, committed criminal breach of trust and have failed to safeguard the interest of the society members while the total loss incurred to Society funds so far is amounting to Rs 854.52 million, said the FIA sources.
They added that a total amount of Rs 33, 93, 50,923 is still outstanding against a property dealer while an amount of Rs 368,483,162 is also outstanding against this property dealer as the land advances. Similarly, an amount of Rs 183,439,388 is still outstanding against another property dealer as the land advances.
As per details, the management committee of CBR Employees Cooperative Housing Society signed a land agreement with a property dealer on 16-04-2013 for transfer of 1000 Kanals of land at Rs 4, 50,000 per Kanal within one year. However, the land provider provided only 685 Kanal land from 1000 Kanal land.
Later, the management committee of CBR Employees Cooperative Housing Society signed another agreement with the same property dealer on 25-08-2014 for transfer of 2500Kanal land (including 685 Kanal of land already transferred vide previous agreement) in different Mouzas at different rates.
Though the land provider could not transfer the said land within time period (02 years), however, the CBR Employees Cooperative Housing Society transferred huge amount of Rs 91,18,07,986 to the property dealer against the transfer of 849 Kanal and 07 Marlas.
Moreover, the CBR Employees Cooperative Housing Society signed a settlement agreement with the said property dealer on 07-05-2018 against the payments made to this property dealer for previous two agreements for transfer of 580 Kanal of land at different rates as per Mouzas. However, the land provider only provided 215 Kanal land and 07 Marla land against the settlement agreement.
The CBR Employees Cooperative Housing Society later signed different land agreements with the same property dealer despite non fulfillment of the land provider in previous agreements.
Moreover, an affiliation agreement was also signed between the property dealer and CBR for CBR Residencia on 25-08-2017 and the two year time was granted for procurement of land to possession of plots. So far, no land has been transferred in the name of Society (CBR ECHS), said FIA.
It added that as per Society record an amount of Rs 368,483,162 is outstanding against the said property dealer as land advances.
It is also learnt from the FIA sources that the management committee of CBR Employees Cooperative Housing Society also signed an agreement with another property dealer on 14-03-2019 for provision of 500 Kanal land at Rs 6,75,000 per Kanal in the name of Society. A payment of Rs 19,87,50,000 has been received by land providers and only 23 Kanal and 13 Marla land was transferred in the name of Society (CBR ECHS).
The Society also signed an agreement for provision of 2000 Kanal land at Rs 350,000 while the land provider transferred 266Kanal & 15 Marla land, said FIA sources.
Despite repeated efforts to secure the stance of CBR ECHS, President, Central Board of Revenue Employees Cooperative Housing Society (CBR ECHS), Altaf Ahmad Bhatt did not respond till the filing of this story.
