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8. The Ismaili Community

NAB recovers cash and valuable assets from Secretary and Treasurer of Karimabad Co-operative Housing Society

NAB KARACHI RECOVERS HUGE CASH AND VALUABLE ASSETS FROM BARKAT ALI, HON. SECRETARY & AMIN MUHAMMAD KARIM FAZWANI. HON. TERASURER.

KARACHI, 7th August 2018: In line with vision of Chairman NAB Justice Javed Iqbal “Accountability for All” by adopting Zero tolerance Policy against corruption”, and under the supervision of DG NAB Karachi Mr. Mohammad Altaf Bawany, NAB Karachi has conducted a raid over the houses of accused Barkat Ali Hon. Secretary and Amin Muhammad Karim Fazwani, Hon. Treasurer of Karimabad Ismailia Multipurpose Cooperative Society today. However, search operation was conducted at the residence of the said accused persons located at Karimabad Ismailia Multipurpose Cooperative Society, Federal B Area Karachi. During search operation, NAB Karachi team recovered following items:

1. Cash of Pak Rupees and foreign currency valuing more than Rs.27 million (Rs.2 crore 70 lacs).

2. Prize bonds worth Rs. 1.76 Million (Rs.10 lac 76 thousand).

3. Gold bars & Gold Ornaments 60 tolas.

The accused persons in connivance with each other held a sham election of society in violation of society by laws and illegally took over management of society. The Karimabad Ismailia Multipurpose Cooperative Society is located at main Federal B Area Karachi.

It was prima facie established against them that they were involved in various offences like misappropriation of society funds, security deposits and transfer fees etc. They made illegal allotments of flats to their favourites in violation of society by laws and illegally converted amenity area more than 9000 sq ft and sold it, against which the amounts went to their own pockets. The amenity areas were otherwise earmarked for primary school, library, day care center and recreational area. The accused persons caused loss to society to the tune of Rs 750 million approx.

It is worthwhile to mention here that five (05) accused persons have already been arrested and Hon’able accountability Court remanded into custody of NAB Karachi.

About Akbar Khoja

Giving out free #LessonsInIsmailism.

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