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767 NAB references: Conviction rate remains 60%

767 NAB references: Conviction rate remains 60%

LAHORE: The National Accountability Bureau (NAB) filed 767 references during the current year out of which 537 were decided and conviction rate remained 60 per cent, said spokesman for the bureau on Wednesday.
He said that 26 cases were merged or transferred to departments concerned while 204 cases were under trial so far. He said that NAB authorities also recovered billions of rupees in different other cases. Only Rs 5 billion were recovered from defaulters of electricity including of Lesco, Fesco, Gepco, and Mepco.
The spokesman further said that Housing Cell recovered 5,504 kanals of land and 77 plots from land mafia and relief was given to 12,486 victims of fraud in housing sector. The spokesman claimed that Rs 15 billion recovered from 102 cooperative finance corporations have been transferred to PCBL for distribution among 256,000 affectees.
In Double Shah scam, out of Rs 9 billion invested by 44,895 claimants, 3.5 billion was recovered in CASI & 2.7 billion distributed among over 30,000 affectees, he added.
In Forex scam, he said, NAB filed 28 references against companies involved in fraudulent bank practices and swindling Rs 4.8 billion of 8,200 investors so far Rs 403.96 million distributed among 5,496 affectees.
The spokesman said that a committee was constituted to carry out studies and compiling recommendation on fraudulent practices in bank and housing contracts.
Over 58 kanals of land valuing Rs 600 million was handed over to management of OPF Housing Society, the spokesman concluded.