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NAB arrests CEO M/s Services Masters Pvt LTD in fraud of Elite Town Housing Scheme

LAHORE: The National Accountability Bureau (NAB) has arrested the chief executive officer (CEO) of M/s Services Masters Pvt Limited for allegedly collecting Rs 643 million from a number of people on the promise of providing them plots in Elite Town Housing Scheme in Lahore.

According to NAB Lahore, it took cognizance of the suspect, Muhammad Kashif Khan, launching illegal housing schemes — Elite Town Housing, Elite Town Phase-II and Elite Town Extension — under the cover of Services Master Pvt Limited and Al-Raheem Group (offices located on Ferozepur Road, Lahore). It said the suspect managed to collect hefty amounts from members of the public to the tune of Rs 643 million.

“Investigation revealed that the suspect allegedly sold fake and non-existent plots to the general public. Moreover, he also promised the investors that after payments were made the housing society will provide them with proper allotment letters of their booked plots, whereas, despite collecting maximum development charges and by non-delivery of possession of plots and lapse of considerable time period the suspect failed to fulfill his promises,” NAB said.

It said Kashif Khan did not deliver the possession of plots to members of public at large and even didn’t develop the said housing scheme as per requirement, whereby, ultimately misappropriated the deposited amounts of the affectees.

The NAB said that around 697 claimants who lost their hard-earned money at the hands of Kashif Khan had approached the bureau’s Lahore office for redressal of their losses. NAB will produce the suspect before the accountability court today (Wednesday) for his physical remand.

Earlier, in 2017, NAB said it had held a successful plea bargain amounting to Rs 360.1 million in the same case with one of the accused, Faiz-ur-Raheem Khan. The recovered amount had been distributed along with profit among the 387 claimants, it added.

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