NAB moves to auction properties of accused in Rs 8.25 billion Bahria Town fraud case

The National Accountability Bureau (NAB) has launched a major crackdown against two alleged property fraudsters accused

ISLAMABAD/RAWALPINDI:  The National Accountability Bureau (NAB) has launched a major crackdown against two alleged property fraudsters accused of collecting billions of rupees from members of the public and investors through fraudulent investment schemes linked to Bahria Town Rawalpindi.

According to sources familiar with the case, accused Syed Asim and Syed Hashim allegedly defrauded investors of more than Rs 8.25 billionby attracting them through promises of lucrative returns and high profits in property investment ventures.

Following an inquiry into the alleged fraud, NAB has frozen properties and other assets linked to the accused and has now initiated the process of auctioning the seized properties. The proceeds are intended to be distributed among the affected investors in accordance with the law.

Auction scheduled for October 6

NAB has issued a newspaper advertisement announcing the public auction of properties belonging to the accused. According to the details, the first phase of the auction will be held on October 6, with properties associated with Syed Asim’s alleged fraudulent business entity, Al-Bari Group of Companies, being offered for auction.

Sources said the auction is part of NAB’s recovery proceedings aimed at securing assets allegedly acquired through funds collected from investors.

Officials further said that after completion of the first phase, properties linked to co-accused Syed Hashim will also be put up for auction. The proceeds recovered through both phases will subsequently be dealt with according to the legal procedure applicable to the case.

Alleged investment scam

According to NAB’s findings, the accused allegedly operated property investment companies and attracted hundreds of people from Bahria Town Rawalpindi and surrounding areas by offering them substantial profits on their investments.

The investors were allegedly persuaded to hand over large sums of money on the assurance that their investments would generate significant returns. However, according to the allegations, the promised returns were not delivered and the accused subsequently became unavailable.

Complaints from affected investors prompted NAB Rawalpindi to investigate the matter. During the course of proceedings, the bureau traced assets allegedly connected with the accused and took steps to freeze them as part of the recovery process.

NAB sources said the ongoing auction proceedings are being conducted under the relevant legal framework and that the recovered funds will be distributed among verified affectees according to law and applicable court or NAB procedures.

The bureau has also advised individuals who claim to have suffered financial losses in the alleged scheme to approach NAB Rawalpindi and submit their claims along with documentary evidence supporting their investments and financial transactions.

The auction of the properties marks a significant step in NAB’s recovery proceedings in the case, with further action against the assets of the co-accused expected to follow after completion of the first phase.