NAB hands over over Rs6bn in recovered Kohistan case assets to KP government

ISLAMABAD: The National Accountability Bureau has transferred more than Rs6 billion in recovered assets to the Khyber Pakhtunkhwa government in the Upper Kohistan corruption case, in what officials described as the first phase of a wider recovery process.

According to NAB, an inquiry authorised in April 2024 uncovered large-scale embezzlement of public money in Upper Kohistan. Investigators found that more than Rs37 billion had been misappropriated over nearly a decade through manipulation of treasury instruments and misuse of official financial procedures.

The recovered assets were formally handed over by NAB Chairman Lt-Gen (retd) Nazir Ahmad to the KP chief secretary at a ceremony. NAB said the assets included cash, precious metals, high-value commercial and residential properties, and luxury vehicles identified during the investigation.

Speaking at the event, the NAB chairman praised the work of investigators and described the case as an example of the bureau’s institutional effort against corruption.

“This investigation demonstrates that complex financial crimes can be effectively detected, investigated, and prosecuted through professional, evidence-based accountability mechanisms,”

he said.

“The recovery of these assets reflects our commitment to ensuring that public resources are protected and restored for the benefit of citizens.”

Investigation and asset tracing

NAB said the recoveries followed an extensive investigation carried out by its Khyber Pakhtunkhwa director general and a Combined Investigation Team. The bureau said advanced financial tracing, forensic analysis and coordinated investigative work helped identify complicated money trails, review more than 1,500 bank accounts, and trace assets allegedly acquired through illegal means.

A significant breakthrough, according to NAB, came when investigators identified a key bank account belonging to government contractor Mumtaz Khan that was allegedly used to route illicit funds. The bureau said financial records showed transactions of about Rs17 billion through the district accounts office within a matter of months.

NAB said its intervention led to the freezing of funds and stopped further alleged misappropriation of public assets. It added that the investigation produced substantial recoveries through both plea bargains and the freezing of assets linked to the alleged fraud.

Amount traced and court development

According to NAB, the total amount traced in the investigation exceeded Rs37 billion. Of that, the bureau said it froze assets worth more than Rs27 billion, while assets recovered through plea bargains were valued at over Rs10 billion.

In a related development, an accountability court in Khyber Pakhtunkhwa approved a plea bargain of Rs49.125 million in March this year for one of the accused in the case. Judge Mohammad Zafar also ordered the release of accused Jibran Malik, owner of a construction firm, provided he was not wanted in any other case.