Ashiana Scheme declared defaulter of over Rs2.85b

STAFF REPORT
ISLAMABAD
Owing to the massive financial misappropriation by Punjab former chief minister and Lahore Development Authority (LDA) ex-director general Ahad Cheema, the Ashiana Housing Scheme has been declared a defaulter of more than Rs2.85 billion.
According to official documents, the housing society high ups raised their pay and benefits from Rs20m to Rs40m.
The documents show that investors have invested around Rs850m in the scheme.
The National Accountability Bureau (NAB) has summoned Pakistan Muslim League –Nawaz (PML-N) President Shehbaz Sharif in relation to the housing scandal.
According to NAB officials, Fawad Hassan Fawad in violation of rules awarded the Ashiyana-i-Iqbal Housing Scheme’s contract to ‘favourites’, illegally ordered the shifting of nine CNG stations and also worked in a private bank from 2005 to 2006 without official permission.
According to NAB, the contract for the housing scheme was won by a construction company titled Chaudhry Latif and Sons.
However, NAB says then Punjab chief minister Shehbaz Sharif and his aides awarded the Rs14 billion contract to Lahore Casa Developers — a proxy group of Paragon City (Pvt) Limited, which is said to be owned by Railways Minister Saad Rafique.
Fawad, who was secretary to the chief minister Punjab at the time, alleged the Chaudhry Latif and Sons of wrongdoings in order for the contract to be awarded to Casa Developers.
On the direction of Shehbaz, a loan of more than Rs2.85 billion was taken so the development work of the society can be completed and the plots can be hand over to the public.
By advertising billions of rupees on advertisements, general public was convinced to purchase plots, but unfortunately no citizen has been allotted any plot in the housing scheme.

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