The Pakistan Air Force (PIA) management and its joint venture partner, Ch Tanveer Builder of the Maxim Group, have agreed to refund the claims of 6,000 allottees of the Fazaia Housing schemes, amounting to Rs 16 billion with immediate effect.
The announcement came after the allottees, including general public and armed forces personnel, were cheated by the PAF management and its partner, who illegally collected more than Rs16 billion from them, according to reports.
The case had already been on the radar of the National Accountability Bureau (NAB). The country’s premier graft buster had taken over an amount of Rs13.5 billion by freezing the joint venture account, one of the documents suggested.
It said that both the PAF and the Maxim would “pay Rs3 billion as remaining liability of accused to NAB for 100% refund to the affectees”, adding that “assets worth Rs6 billion in shape of land and machinery/assets at site will remain in NAB custody as collateral against liability of Rs3 billion”.
