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LAHORE:
Every year, a large number of people across the country fall prey to fraudulent housing investment schemes, which lure investors with the promise of profits. However, despite the increasing prevalence of such scams, no effective measures have been taken to prevent these unfortunate incidents as a result of which countless naïve locals end up losing their entire life savings.
One such local was Professor Dawood, a resident of Lahore, who had invested his savings in a private housing society by paying monthly installments for a plot. However, after paying the installments, he neither received the plot nor any refund from the housing society’s management. “I had to spend 10 years trying to recover my money. I approached the police, FIA, and other authorities, but no one listened to me. Finally, I filed a complaint with NAB Lahore, and after a long wait, I received a partial refund,” recalled Dawood.
Dawood’s experience is not an isolated incident, as many people approach NAB offices every year, seeking justice and recovery for their lost savings. One such family was that of Muhammad Usman whose late father had invested in a cooperative bank 25 years ago. Unfortunately, his father lost his pension money due to the bank’s fraudulent activities. After his father’s passing, Usman is still trying to recover the invested amount through all possible means, but to no avail.
In today’s digital age, investment scams have become increasingly common, with scammers advertising on social media platforms, promising high returns on investments in housing societies, solar panels, and other schemes. According to the National Accountability Bureau (NAB), scammers mostly target naive investors, and while previously, complaints involving investments worth Rs100 million were investigated, now this value has increased to Rs500 million.
Due to rising inflation and unemployment, people are looking for investment opportunities. But at the same time, scammers are taking advantage of this situation by promising high returns, often targeting retirees looking to invest their pension savings. Most of these scams involve housing societies, through which scammers lure victims with promises of high profits. Recently, it has been observed that scammers have been luring people into investing in plazas in Gulberg, only to flee abroad, leaving investors with complaints and financial losses. The NAB has taken action against large housing societies and illegal investment schemes, recovering funds and providing refunds to the affected individuals.
NAB Lahore Director General Ahteram Dar stated that his office has recovered and returned billions of rupees to victims of scams involving large housing societies. “NAB takes action on complaints received through open courts to provide refunds to those who have lost their investments. While NAB is taking action, scammers are also using modern technology and social media to lure people into their traps. Therefore, people must be cautious and be vigilant when investing in any scheme,” implored Dar.
