Accountability court grants 14-day remand of Ali associates managing director Sheikh Shahid Jamal in a case. NAB got complaints from the people related to real estate fraud of 7.71 billion rupees.
Two days ago, the affected person in the fraud filed a complaint in the NAB regional office. NAB acted and arrested the accused from his residence. NAB also searched the house for evidence. After one day, NAB produced Sheikh Shahid Jamal in the court and got the remand for 14 days.
The NAB also raided the offices of Ali Associates and searched for evidence related to the fraud. The spokesperson from the NAB told the press that NAB had search warrants.
Sheikh Shahid Jamal is accused of defrauding people in the name of housing.
NAB has ordered a 14-Day remand on the prime suspect of Real Estate Fraud Case
The business of Sheikh Shahid Jamal
Real estate tycoon Sheikh Shahid Jamal is the managing director of Ali associates, which is managing several housing projects in the division of Multan. Currently, the investigation is going through five housing projects, which are Babar town, Falcon city, Millinuim city, Green Fort, and Old Shuja Abad road project.
Ali associates have been selling residential and commercial plots for more than a decade.
The Nature of complaint
The filed complaint is from the affected people who bought real estate from Ali Associates. Real estate tycoon is accused of taking the money and not completing the development for over a decade. People are waiting to build their house and the facilities of electricity, water, gas, road, and sewage are not available. The residential plots have become useless, and no none is purchasing their property. People have lost valuable time and money. It is not a matter of few people but the matter of fraud on a giant scale. Sheikh Shahid Jamal has collected 7.71 billion rupees ,and in return, he did not do anything on the sold land.
Moreover, real estate tycoon is charged with tax evasion and not paying govt fees.
The affected people are now waiting for the court decision and recovery of their money.