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Multan NAB arrests real estate tycoon Sheikh Shahid in Rs 7.71b fraud case

Multan NAB arrests real estate tycoon Sheikh Shahid in Rs 7.71b fraud case

MULTAN: National Accountability Bureau (NAB) has arrested real estate tycoon for cheating Rs7.71 billion and defrauding thousands of people by selling plots in unapproved housing schemes.

According to details, National Accountability Bureau has arrested real estate tycoon Sheikh Shahid in connection with an ongoing investigation against developers of M/s Green Fort (Plus), Mauza Durana Langana Matital Road Multan and others.

Said accused has cheated public at large by launching many illegal projects under the banner of M/s Ali Associates .As many as five illegal projects of accused was under investigation and he collected almost Rs7.71 billion from public through cheating and defrauded thousands of people by selling illegal plots in illegal housing societies.

Accused has launched and advertised Housing schemes without approval of regulatory authority concerned and he has also evaded government fees /dues and transfer of land and amenity of plots through connivance of his co-accused.

Five Housing projects under investigation in NAB Multan includes Green Fort (Plus),Falcon City ,Phase -II, Southern Bypass, Babar Town old Shujabad Road ,Millennium City Phase -I Dunyapur Road, Green Fort ,Northern Bypass Road Multan.

There have been no development works completed at said housing societies despite of lapse of decades. Accused will be presented before the accountability court for remand for further investigation.