LAHORE: The National Accountability Bureau (NAB) has initiated action against a good number of housing societies and ponzi schemes on the complaints of victims.

NAB Lahore Director General Muhammad Ahtram Dar on Saturday held a monthly open hearing at its Thokhar Niaz Baig office which was attended by hundreds of victims affected by the housing societies and ponzi (investment) schemes. The forum witnessed aggrieved complainants of Future Vision scam, Al-Rehman Garden Phase-4, Omega Housing Society, New Lahore City, Khayaban-e-Amin Housing Society, Formanites Housing Society, Elite Town Housing Society, and GrandAvenue Housing Society.

Responding to the complainants of the Future Vision scandal, the DG ordered direct inquiry and instructed initiation of proceedings to place the prime accused on exit control list (ECL), along with publication of advertisement in national dailies.

Regarding the complaints against Al-Rehman Garden (Phase-4), he gave one month deadline to the investigation team to conclude the case and submit a report. For Omega Housing Society, he ordered on-the-spot redress of the grievances raised by the victims and demanded a report on it.

Addressing the victims of Formanites Housing Society scandal, Mr Dar revealed that the bureau was facilitating recoveries exceeding to 47pc of the real investments for over 2,200 victims. He assured that fresh claims submitted by affectees would be addressed on judicial approval to ensure compensation.

About the Elite Town Housing Society, the DG told the affectees that the prime accused had been arrested and a corruption reference was currently under trial. However, efforts were underway to ensure recoveries through a settlement mechanism.

Mr Dar also shared a significant development with the victims of Khayaban-eAmin Housing Society, stating that all losses of the victims had been reimbursed and efforts were underway to address the remaining affectees of accused M/s Sahir Associates.